US banking major Bank of America has launched a new tool to enable its clients to gain real-time visibility into their international payments.
The new offering, CashPro self-service tool, is made accessible through the bank’s integrated platform CashPro.
According to Bank of America, the SWIFT Global Payments Innovation (gpi) module offers wealth of cross-border payment data facilitated by the SWIFT network.
Bank of America global transaction services, global strategy and payments head David Kretz said: “Incorporating SWIFT gpi data across all relevant customer channels supports our goal of working with the broader transaction services industry to remove friction and bring transparency to cross-border payments.”
The bank said that making payments through its SWIFT gpi solution offers several benefits to its financial institution and corporate clients.
The benefits include visibility into lifting fees and payment charges, including foreign exchange rates and a reduction in time taken to identify an issue.
In addition, the solution offers transparency into the settlement of the payment, such as timing, and amount received.
Bank of America stated: “With enriched SWIFT gpi payment data, a client can investigate why a wire transfer may have been rejected or cancelled, in addition to identifying the source of a wire status change – all through an on-demand, online tool.”
Through SWIFT gpi for Corporates, the bank’s SWIFT-connected corporate clients are enabled to receive SWIFT gpi inbound and outbound payment status messages directly to their treasury management system.
The bank has also announced the expansion of its SWIFT gpi international coverage to more than 140 currencies worldwide.
The financial institution is a charter member of SWIFT gpi.
