How to track a SWIFT payment

How can I track a SWIFT payment?

It's difficult!

SWIFT payments are reliable and secure, but they’ve never been easy to track. Traditionally, once the payment has been sent, you couldn't see where the payment was until it reached the recipient’s bank. But that doesn't help if there are delays or issues with the payment, or if you were seeking confirmation that the payment has actually been credited to the recipient’s account.

This is because the SWIFT network is made up of thousands of banks across different jurisdictions that were never required to share updates with one another.

Change is here, with SWIFT gpi

SWIFT has recently introduced its gpi (Global Payment Innovation) initiative to help solve the traditional challenges faced by traditional cross-border payments, including a lack of visibility over the status of your payment, slow processing times, and the source of routing fees being taken from your payment.

SWIFT gpi combines the traditional SWIFT messaging and banking system with a new set of rules. Any bank that joins gpi has to follow these rules, which include transparency of fees, end-to-end payment tracking, and confirmation of credit to the recipient's account.

However, it's not yet compulsory to be a member of SWIFT gpi, so not all banks or payments providers are able to track SWIFT payments.

Set up a free account           Keep in touch