I am excited to announce today the release of new functionality - Payment Route Analysis. It builds the potential chain of banks in between sender and beneficiary based on Standard Settlement Instructions.
In it's first version you can see the list of correspondent banks for sender and beneficiary for the currency which you used for your payment. This functionality is available for all client who have purchased 10 tracking results.
Why is it Important to Understand the Payment Route?
- Route options. Imagine you have wired a payment from Hipotekarna Banka in Montenegro, as on the picture above, to PT Bank Maybank Indonesia. Your bank tells you it stuck in Bank of America. That's actually a very common situation, BOFA's compliance is really slow. So put a different correspondent bank manually next time, like CHASUS33.
- Make an assumption on where your payment stuck. If you have any inputs from the tracking system, for example, the status in JPM Chase is “Settled” for the payment above, you can assume it is in the beneficiary's bank already. So beneficiary must take MT103 form together with all documents supporting the payment and go to his bank to speed up the compliance.
- We don't build the route between correspondent of sender's bank and correspondent of beneficiary's bank. And unfortunately there could be other intermediary banks. For example, for the example below I would assume there is a Standard Chartered in between, because RZBAATWW is located outside of the US and needs a US bank to settle the transaction. We will fix it really soon.
- We use Standard Settlement Instructions, however sometimes correspondent relations between banks are not published. So use with caution.
How to Get Access to Payment Analysis?
It is available to all customers who purchased 10 trackings. So simply start tracking your payment and purchase the 10 trackings when you are out of free options.
Stay informed on cross-border payments! Follow me on Twitter for the latest news and trends.