27 March 2018

SWIFT Introduces Universal Real-Time Payment Tracking

SWIFT Introduces Universal Real-Time Payment Tracking


SWIFT announces the extension of its GPI Tracker to cover all payment instructions sent across the network, enabling GPI banks to track all their SWIFT payment instructions at all times, and giving them full visibility over all their payments activity.

The Tracker, which has been available since May 2017, enables banks that have signed up to the service to track their GPI payments in real-time.

Source- The Economic Times

Static/Current Takeaways Important for NABARD Grade-A Exam 2018-
  • SWIFT- Society for Worldwide Interbank Financial Telecommunication Code.
  • SWIFT codes are most commonly used for international wire transfers and are comprised of 8 or 11 alphanumeric characters.
  • The International Organization for Standardization (IOS) was the authoritative body that approved the creation of SWIFT codes.

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