How to track international business payments in 2025

Cross-border payments used to be occasional. Now they're standard operations for businesses of all sizes. Which means what started as a convenience has become a core part of managing your accounts payable.

The problem? International payments come with added complexity. Different regions use different payment systems, each with its own timelines and requirements. Then there are currency exchange rates, intermediary banks, time zones, and business hours that don't always line up nicely.

If you're reading this, chances are you're looking for more clarity on where your money is and when your global suppliers or partners should expect to receive it after you send a cross-border payment. In this guide, we'll explain what makes international payments complex and give you a few options to keep track of each payment you make.

How do international payments work?

Most cross-border payments are processed either through SWIFT or SEPA. SWIFT and SEPA are not banks but frameworks that standardise money movement between countries and jurisdictions.

SEPA payments

Payments made and received by euro-denominated accounts typically use SEPA. SEPA makes international payments in the eurozone as quickly and seamlessly as domestic transfers — or near enough. Most SEPA payments settle within one or two business days, although they can take a bit longer depending on when you initiate the payment, what banks are involved and other factors.

SWIFT payments

Most other international payments move between accounts using the SWIFT network. Depending on the countries and currencies involved, an international payment may go directly from the sender's bank to the beneficiary's. Others may pass through intermediary banks or local networks. This is where real-time visibility into international payment tracking becomes invaluable.

How long do international payments take?

A standard SEPA payment will typically arrive with the beneficiary's bank in one to two business days. When you make payments using SWIFT, they typically settle in 1-4 business days.

Why the difference?

When initiating a euro payment via SEPA, you only need the recipient's account number and IBAN and the payment remains within European borders. This keeps things fairly simple and straightforward.

On the other hand, SWIFT payments are significantly more complicated. The SWIFT network is massive, with over 11,500 member institutions across more than 200 countries. In 2023, the SWIFT network processed close to 48 million messages per day, and today, the network processes over 53 million messages daily.

SWIFT payments can still settle fairly quickly. However, the processing time may increase depending on which time zones, currencies and banks are involved and whether more payment details are required by one of these banks.

How to track international business payments

Although most SWIFT payments arrive within the expected window of 1-4 days, there will inevitably come a time when five days or more have passed, and your beneficiary still hasn't received your payment.

The SWIFT network does provide a simple tool to track international payments. After you've made a payment using SWIFT, you'll get an end-to-end transaction reference number. This number stays with your payment as it moves from your account to the beneficiary's, even as it passes through intermediary banks.

How granularly you can track your payments will often come down to which payment provider you work with. Let's compare the two main options you have for partners.

Option 1: Simple status updates from your bank

When you send a payment through your bank, you'll likely be able to see a current status of "pending" or "delivered" at most institutions.

If you want more detailed tracking, you can try contacting your bank and providing the transaction reference number and a few other details, such as the payment amount and payment date. The bank may be able to provide more specific updates, but you likely won't be able to get real-time updates — and the level of detail provided will ultimately depend on the bank.

If a supplier's payment is running late and their accounting team is contacting yours, this could lead to frustration or tension on both sides.

Keep in mind that some banks will also charge a fee for tracking a SWIFT payment, and the time spent communicating back and forth with your supplier and your bank adds up. The lack of visibility creates bottlenecks and potential conflicts between you and the people who help keep your operations running.

Option 2: Work with a cross-border payment provider

For most international businesses, you're far better off working with a dedicated cross-border payment provider like iBanFirst to send, receive and track international payments.

With iBanFirst specifically, SWIFT payments come with a dedicated tracking link through the iBanFirst Payment Tracker. This means you can access real-time status updates 24/7, including where your payment is on its journey and which intermediaries it's passing through.

Plus, you can share tracking links with your beneficiaries, so your suppliers and partners get the same real-time visibility as you. No more passive-aggressive payment chasing or follow-up emails needed.

The benefits here are twofold:

• Enjoy the convenience of total autonomy: Your team no longer has to deal with phone calls and emails from suppliers chasing payments, nor lose time trying to track down where a payment is — they can focus their time and resources on more productive work.
• Supplier relationships can grow stronger: Equipped with real-time data, you can assure suppliers that their payments are on the way — providing the transparency they need to manage their cash flows and expenses.

Beyond the tracking capabilities, when you make international payments with iBanFirst, you also have some control over the speed and cost of your payments. Because of the payment infrastructure iBanFirst has established globally, some payments may be processed faster than the standard window.

Of course, no payment service provider (iBanFirst included) can guarantee that every international payment will go through on time without difficulties or delays. However, we can provide you with the highest level of transparency and visibility, allowing you to stay on top of your payments and prevent potential issues with your suppliers.

Get started with iBanFirst today

Tracking international payments shouldn't mean waiting on hold with your bank or paying extra fees just to find out where your money went. When you work with iBanFirst, payment visibility comes standard. Plus, there's more to offer than payment tracking alone...

Here's what you get when you partner with iBanFirst:

• Real-time payment tracking with timestamped updates you can share with suppliers and partners
• Multi-currency accounts to hold, send, and receive funds in 25+ currencies
• Currency risk management tools like fixed, flexible and dynamic forward payment contracts to protect your margins
• Support from real human FX experts who understand your business

We built iBanFirst specifically for SMEs that regularly work across borders and currencies. That means transparent pricing, no hidden fees, and real support when you need it.

Ready to stop chasing payments? Request an iBanFirst account today and get the visibility your finance team needs to manage cross-border transactions with confidence.