The NAB joins more than 100 of the world’s largest transaction banks which have now all signed on to the SWIFT global payments innovation (gpi) initiative, which provides same-day settlement with real-time payments tracking.
NAB general manager of Payments, Paul Franklin, said the introduction of SWIFT gpi meant NAB could provide greater transparency to customers, and certainty of the status of their payment.
“We are continually looking for opportunities to deliver better customer experiences, and key to this is collaborating with like-minded organisations and leveraging API technology in a safe and secure environment.
“We’re providing our international partner banks with real time updates when their payments are credited to NAB customer accounts, and our customers will soon have direct access to tracking of their international payments – and many more features.
“NAB is making bold changes to its cross-border payments to significantly improve the customer experience, and leading the way with the adoption of API’s in an effort to address and exceed customer expectations.”
The API links the SWIFT gpi Tracker database with NAB’s systems, and subsequently integrates the tracking information to the bank’s client portals and applications.
According to Franklin, adopting SWIFT gpi will fundamentally transform the way customers and financial institutions do cross-border payments, and NAB is “proud to be a global leader in this initiative”.
SWIFT head of payments markets APAC, Michael Moon, said APIs have become core to banking infrastructure to meet customer needs.
“We’re delighted NAB is the first bank worldwide to adopt API technology to access the SWIFT gpi Tracker. They’re clearly committed to building a rich source of APIs to leverage SWIFT gpi capabilities on top of their SWIFT rails.
“We look forward to building our ecosystem with NAB to enable opportunities for innovation and improved experiences for their customers.”