Enabling payment tracking: Banks are using Swift GPI’s tracking capabilities to provide customers with transaction updates and support new innovations. Citi, for example, has invested in a Global Beneficiary Services Payment Tracker to improve traceability of payments. This functionality allows beneficiaries to track payment status without a login, addressing the growing focus on retail payments and ecommerce. Checking payment data upfront to reduce rejects: Real-time global payments platform Nium has launched a global account verification capability to ensure correct domestic and cross-border payments. This is part of the European Commission’s Instant Payment Regulation, which mandates these checks across Europe. Nium’s system validates beneficiary account numbers and bank codes, reducing returns by up to 90%. Citi has also developed a similar capability using Swift’s Payment Pre-validation solution, resulting in a 70% reduction in customer queries and rejections. Enhancing their offerings: Payment providers must adapt to evolving customer needs by investing in intuitive websites and apps. BNP Paribas developed an app to guide cross-border payment processes, resulting in a six-fold increase in cross-border payment volumes since its launch in France. This demonstrates the importance of attentiveness to customer needs in boosting payment volumes and customer retention. Collaborating: Collaborating with partners can drive innovation and address payment pain points. Effective traceability requires all players in the payment chain to work together, confirming their part of the process. The financial industry has seen successful collaborations, such as Citi’s partnership with Bank of Shanghai, powered by Swift Go, enabling international tourists to access local currency in China via digital wallets.