iBanFirst's ‘Payment Tracker’ sets new transparency standards for international cross-border payments. Potential roadblocks or delays are highlighted along the payment journey to strengthen business-client relationships and the service is free-to-use for iBanFirst customers and their beneficiaries.
Paris, 14 January 2021 - iBanFirst, a global financial services provider delivering solutions across banking borders, launched its Payment Tracker – a real-time payment-tracking service that sets new transparency standards for the payments industry. Rolled out to both payers and payees, this unique feature provides live updates on the status of international payments at any stage of the fund transfer process. The Payment Tracker also highlights potential roadblocks or delays along the payment’s journey.
With the ‘Payment Tracker’, iBanFirst’s mid-cap and SME clients can trace payments the same way consumers can track parcels. Bringing this everyday experience to the complex world of B2B foreign currency transactions was no small feat. The ‘Payment Tracker’ is a simple interface accessible on the iBanFirst platform or via an invitation email. It leverages the SWIFT gpi tracking service as well as other payment data sources, including the platform’s own data.
Creating the payment tracker required the reconciliation of different types of payment status, SWIFT’s and iBanfirst’s, as well as giving secure access to this information outside the platform, in order for payment beneficiaries to use the service, not solely iBanFirst clients. This scalable micro-service builds on an architecture and APIs that enable the aggregation of any type of bank settlement. Initially developed for foreign currency payments, it also facilitates eurozone (SEPA) transfers.
Commenting on the launch, Oualid Abderrazek, CPO at iBanFirst said: “Until now, little had been done to provide real-time status updates on international bank transfers for both payers and payees. A growing number of companies operate internationally and source products overseas. Manufacturers’ terms of payments often call for a 30% advance by bank transfer before production starts and the settlement of their invoice before shipment. The timely execution of payments and the ability to notify beneficiaries are therefore crucial to bolster companies’ relationships with international vendors and to speed up their supply chain.”
iBanFirst is a global financial services provider delivering solutions across banking borders. iBanFirst provides a specialist online platform for multicurrency transactions. As an alternative to the traditional bank offer, iBanFirst enables a payment experience and package of financial services addressing the needs of SMEs in their daily operations.
Thanks to iBanFirst, financial teams can pay and receive payments in any currency and hedge foreign exchange risks.
Founded in Paris in 2013, at a stone’s throw from the Champs-Élysées, by former bank executives and entrepreneurs, iBanFirst is a French company headquartered in Belgium, with operations in France, the Netherlands and Germany. It is regulated as a payment institution passported throughout the European Union and serves more than 4,000 customers all over Europe. Member of the SWIFT network and SEPA homologated, iBanFirst holds AISP and PISP accreditations under PSD2. It has raised €46m from Xavier Niel and leading European venture capital funds Serena, Breega, Elaia and Bpifrance Large Venture.
IBANFIRST UK PRESS CONTACT:
Will Painter // WP Communications
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