In Fall 2024, PayRecs added detailed tracking capabilities for payments, which we commonly refer to as Swift GPI. While some countries and banks have limitations in their ability to deliver detailed tracking information (see below), most payments will have routing and delivery confirmation.
In the PayRecs application, the following statuses are used to indicate various detail tracking.
End User UI
Processing - the payment has achieved all necessary internal approvals (end user but may be awaiting back-office review and compliance controls (Verafin, other screening services)
Once back-office and other integrated system controls are complete, the payment has been put into a release queue at the processor
Released - once the payment has cleared processor review and compliance, it is released and in-transit
In-Transit / Inflight - means that the payment is traveling between banks to the destination
Delivered - The payment has been credited to the recipient.
Rejected - the recipient bank has rejected the payment and it is on its way back to being returned.
Returned - the payment has been returned and funds have been credited back to the sender
Payments Hub
While the payments hub reflects similar states as the end user display, there are more details available. Generally this includes all of the details that the tracking provides, as seen here
More Information About Swift
Not to be confused, SWIFT is a global messaging network used by banks to securely exchange financial transaction instructions, such as payment details. A SWIFT BIC (Bank Identifier Code) is a unique identifier assigned to each bank, ensuring payments are routed to the correct institution in cross-border transactions. While SWIFT ensures the secure transmission of payment messages, it does not directly handle the delivery or real-time tracking of funds.
Payments without tracking
Tracking payments via SWIFT can be inconsistent, as some banks and countries don't support tracking functionality. In cases where tracking is unavailable, PayRecs can only report that the payment has been released and not delivered. Though this tracking limitation can cause confusion, PayRecs does indicate when tracking is not available while confirming that the payment has been processed and released.
In short, SWIFT is a messaging network facilitating secure international payments, but it does not provide a consistent method for tracking funds. The ability to track payments depends on the capabilities of the involved banks and countries, and updates to the system will improve transparency when tracking is not supported.
Current Country Limitation
The following countries are known to have issues or limitations in full end-to-end tracking:
India
South America