The CashPro enhancements coincide with an expansion of Bank of America’s SWIFT gpi international coverage supporting 140+ currencies worldwide.
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. A reduction in time taken to investigate an issue.Transparency into the settlement of the payment, such as timing, amount received, and the identity of the correspondent banks involved in the transaction.Visibility into lifting fees and payment charges, including foreign exchange rates.The financial institution or corporate client receives:
There are a number of advantages to making payments via Bank of America’s SWIFT gpi solution. “Our payments tracking tool populates SWIFT gpi information into a view that can be read easily and acted upon immediately,” said Tom Durkin, Global Product Head for CashPro in Global Transaction Services at Bank of America. Bank of America, a charter member of SWIFT Global Payments Innovation (gpi), announced today the launch of a CashPro® self-service tool that allows clients to have real-time visibility into their international payments.Īccessible through the bank’s integrated platform, CashPro, the SWIFT gpi module brings to life a wealth of cross-border payment data facilitated by the SWIFT network.