iBanFirst Debuts Payment Tracker For B2B Transactions Visibility

Global financial services provider iBanFirst has launched a Payment Tracker that will offer transparent, real-time tracking services, according to a press release emailed to PYMNTS.

The feature will be available for both payers and payees, and it will offer live updates on the status of international payments at all stages of the fund transfer process, the release stated. In addition, the Payment Tracker will offer insights into potential delays of the payment.

The Payment Tracker will allow mid-cap and small- to medium-sized business (SMB) clients of iBanFirst working with B2B transactions to track payments in the same way consumers track parcels, the release stated. It leverages the SWIFT gpi tracking service and other payment data services, along with the platform’s own data.

Creating the Payment Tracker involved reconciling the SWIFT iBanFirst payment statuses, along with providing secure access to the information outside the platform, according to the release. That allows payment beneficiaries to use the service and not just the iBanFirst users.

The scalable micro-service works with architecture and application programming interfaces (APIs) that allow for any type of bank settlement to be aggregated. While it was initially developed for foreign currency payments, it can also work with eurozone (SEPA) transfers, the release stated.

iBanFirst Chief Product Officer Oualid Abderrazek said in the release that “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,” he said, according to the release. “Manufacturers’ terms of payments often call for a 30 percent 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.”

The Payments Tracker is available on the iBanFirst platform or through an invitation email.

PYMNTS reported that the pandemic has exacerbated speed and security concerns for cross-border B2B issues. In response, businesses have become interested in new tools for automation.