NAB enables end-to-end payments tracking with SWIFT gpi
NAB business customers can now track their international payments by the click of a button and view where their money is, anywhere in the world, using SWIFT gpi. The service is available to the bank’s corporate customers at no extra cost.
NAB has been sending payments via SWIFT gpi since 2017, with payments arriving within minutes when sent to banks in the same time zone. Worldwide, 50 per cent of gpi payments are reaching their recipient within 30 minutes.
Business customers will be able to track their money internationally at their convenience via their NAB Connect Account Summary. NAB business customers can access this technology through signing up for NAB Connect via their local branch or online. There is no change to how customers create or send an international payment. When customers view a selected international payment on their transaction history, they can click into the transaction to see more information about the payment such as current tracking status, fees and processing time.
Before the gpi integration, the only option for NAB corporate customers to investigate the status of a missing or overdue international payment was to order a payment trace, at an additional fee of AUS$25.This is still available, although the bank predicts it will be a service not required as often given the NAB Connect tracker will now provide this information for free.