Foreign exchange (FX) specialist Kantox has incorporated automated SWIFT messages into its platform, which it says will provide improved tracking, transparency and security in operations.
Kantox describes the SWIFT message as “a key tool in guaranteeing higher transparency for both sender and the beneficiary.” The group adds that it is an internationally-recognised tool allowing complete traceability of the funds transferred as well as the details of the payment, providing increased security and transparency.
“Customers and those receiving their transfers managed on Kantox’s platform have free access to SWIFT messages, from the moment the payment is carried out,” says the group. By contrast, SWIFT messages are a service that traditional banking entities usually offer under request and at an added cost.
“This is a big step for the sector, above all in regards to transparency,” Philippe Gelis, co-founder and chief executive officer (CEO) of Kantox. “SWIFT messages are not just a receipt of payment – which is especially relevant for companies that import or export goods – but it also allows you to see details of the payment; for example, if they charged for the transfer, and how much.”
Gelis adds that knowing how to correctly read a SWIFT message lets the user have control of all information about the transactions conducted, check for possible errors and the amount transferred, the issue date and also when the funds have been transferred to the account of the beneficiary.
In this way “if you have carried out an international transfer to pay – for example, for merchandise – sending the SWIFT message to your supplier can permit access to the merchandise even before the funds have arrived into their account.”
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
The proposals of both US presidential candidates could shake up operating conditions in several sectors, reports the credit ratings agency.
The Danish shipping and oil conglomerate confirmed that it will separate its businesses into stand-alone transport and energy divisions.
Despite faster payment technologies, business-to-business payments by paper cheque show no sign of decline from three years ago.