Scotiabank activates wire tracking with SWIFT gpi
Scotiabank says it is the first Canadian-based bank to leverage SWIFT’s Global Payments Initiative (SWIFT gpi) to enable its business customers to track their wire payments in real-time through ScotiaConnect, the Bank’s digital business banking channel.
In September 2018, the Bank launched the wire tracking tool internally to help its business customer support groups quickly resolve customer wire status enquiries in one phone call. Today, the Bank expanded its pilot and will begin rolling out the self-service online wire tracker to its ScotiaConnect business customers – giving them on-demand wire status updates, including precise location information on a wire’s journey to a recipient bank.
With the launch of the online self-service tool, Scotiabank says it is putting information into the hands of its business customers in Canada who need on-demand and real-time information on the status of their wire payment as it makes its way to the recipient bank. SWIFT gpi also increases the speed of international wire payments, with 50% of payments credited to end beneficiaries in less than 30 minutes.