Natixis has announced the launch of their My Tracked Transfer service, a new digital international transaction tracking facility developed by Natixis using SWIFT gpi technology to enable large companies to monitor their international payments in real time and optimize their treasury management.
My Tracked Transfer provides enhanced payment tracking using a unique identification number generated by Natixis as issuing bank for each transaction. It enables users to track each step in the transaction process in real time and provides access to extensive information including the initial amount, the transferred amount, and the fees levied by intermediary banks, as figure below shows:
Source & Copyright©2018 - Natixis
Natixis provide the corporate a direct access to all the information provided by each bank involved in the cross-border payment, provided that the banks feed the Swift cloud.
The My Tracked Service goes live today with, Natixis claim, large corporates, and banks ready to sign. “My Tracked Transfer enables our clients to optimize their treasury management, providing payment transparency and security right from issue to receipt. This innovation is part of Natixis’ broader strategy to modernize international payments,” notes Anne-Cécile Delas, Global Head of Trade & Treasury Solutions at Corporate & Investment Banking.
The service is available via the Natixis Trade & Treasury Solutions portal, requiring no IT development from clients.
Although the service can potentially be provided by all the banks who are SwiftGPI members, the problem is that not all the banks provide direct access to all the details.
An additional advantage is that all payment orders from Natixis clients will be brought together using My Tracked Transfer, regardless of the channel they use, for example, portal, EBICS or SWIFT electronic transmission.
CTMfile take: The My Tracked Service puts the corporate in charge rather than relying on the individual banks, but the banks have to report the data to the Swift cloud. Things are getting better in cross-border payments.
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