Santander launches pilot enabling UK companies to track payments directly

Santander UK has launched plans to pilot a new real-time international payment tracker service for its customers.

The payment tracking service enables customers to track the status, journey and timings of their international payments online and in real-time. It also provides greater transparency of any fees deducted by correspondent and beneficiary banks. 

The new tracking service uses the SWIFT GPI Service together with SWIFT universal payment confirmations. This is integrated into Santander’s corporate online banking service and uses SWIFT GPI’s unique end-to-end tracker reference (UETR) to enable customers to track their outbound and inbound international payments in real-time anywhere in the world. The service will be fully available later this year.

“Our customers need certainty that their payments have reached their supplier, so the movement of goods and commerce is not disrupted. With supply chains under enormous strain already and businesses grappling with the stresses of coronavirus, it is essential to ensure supplier payments are not delayed.

“The Santander International Payments Tracker solves a genuine customer problem and I’m eager to see the results of the pilot,” said John Carroll, Head of International and Transactional Banking at Santander UK.