Asseco PST implements the first SWIFT GPI Tracker solution in Portugal
Asseco PST has implemented the first international transfer tracking solution - SWIFT GPI Tracker - in a Portuguese Financial Institution. The project is based on the advantages of the SWIFT GPI Tracker, which allows banks to track the transfers they issue and receive from end to end.
SWIFT GPI Tracker offers the advantage of ensuring greater visibility and transparency in cross-border transfers. This technology allows tracking all the stages of the operations, from the moment the money leaves the issuer's account to when it enters the recipient's account, without the need for additional information requests and avoiding human errors, security breaches or fraud.
On the other hand, the technology provided by the SWIFT network also has the advantage of being able to speed up cross-border transfers, which are often processed through several financial institutions, with money travelling a longer path than simply going from one account to another. By tracking the operation, the information about the transfer's location is updated daily until it reaches its final destination. Banks that fail to communicate the transfer information sent to them on a daily basis are more exposed, and SWIFT itself can disclose the names of the institutions that fail to comply with a significant percentage of responses. This allows compliant institutions to gain credibility.
To deal with the developments made available by SWIFT and, above all, to automate processes and reduce operational risks, making the creation of new manual processes unnecessary, Asseco PST decided to adapt the Banka 3G and Financa applications, both used in the bank, to the SWIFT GPI Tracker features. To this end, the company developed a new module, called TR SWIFT - Transference Tracking.
Now that the solution has been implemented, the SWIFT message header associated with international transfers includes a unique number that identifies each transfer: the UETR (Unique End-to-End Transaction Reference). This UETR allows receiving and showing all the source and tracker messages associated with a specific transfer. In addition, this reference automatically generates tracker messages for messages received, regardless of whether or not they correspond to operations associated with the institution's customer accounts.
The client and Asseco PST worked together in the SWIFT network certification testing process and the new feature is currently in production.
'With this development, Asseco PST remains focused on its continuous commitment to innovation, following the rapid evolution and changes underway in the financial sector, fostering digital transformation and the modernisation of processes that best suit our banking customers' needs', says the company's CEO, Daniel Araújo.