AscendantFX Capital, which works in technology-based payment innovations, has joined the SWIFT Network for the benefits it offers, including better transparency and faster payments, the company announced in a Wednesday (Aug. 12) press release.
By using the SWIFT Global Payment Initiative (gpi), the company hopes to access better API capabilities and improve its own aPay platform. Using gpi means payments can go through in a matter of seconds, potentially, with better tracking potential.
The SWIFT gpi provides end-to-end support for transparent fees for deductions and exchange rates, including the total amount the end beneficiary gets. There is also transmission of full and unedited remittance information, which can make payments easier, the press release says.
Ascendant also hopes to see a reduced number of payment investigations and to also cut down the time it takes to resolve them, the company added.
The firm said its customers and partner-led innovation groups have wanted more tracking of payments for some time, and Ascendant is also making its data accessible to customers via aPay and its API solution, aPay Link.
AscendantFX Chief Operating Officer Shemina Jiwani said the company wanted to keep on the cutting edge of payments.
"We are always looking to provide our customers greater clarity into the payment journey," Jiwani said, according to the release. "We plan to use the data SWIFT gpi provides to route payments in the most effective, efficient way possible. SWIFT gpi’s technology is revolutionary for the payments industry and gives power back to the customer."
Ascendant also recently introduced a new service called Payee Intel, which is intended to boost cross-border pay while cutting costs.
SWIFT gpi had a busy year last year, transferring over $77 trillion across borders, PYMNTS reported. The number was almost double the $40 trillion moved in cross-border payments in 2018.
There were over 3,900 gpi members using the service, and the amount of live gpi country corridors increased to over 1,900.