NAB business customers will now be able to track their international payments, including what fees have been deducted by overseas banks and when the payment has been received by the recipient.
NAB general manager of payments Paul Franklin said business customers will be able to access the technology by signing up for NAB Connect and then tracking the money through the NAB Connect Account Summary.
Previously, the only option to investigate the status of a missing or overdue international payment was to order a payment trace, at an additional fee of $25.
“Just like tracking a courier package in transit, NAB business customers are now able to see where their money is, how long it is taking to process and when the funds sent are available for use,” said Mr Franklin.
“This is a game changer for small and large businesses who are amongst the world’s first to have visibility of their international payment information, at no extra cost.
“This is about giving our business customers greater control and confidence in the payment process and we’re proud to be at the forefront of this innovation. We look forward to rolling this service out to all customers through other channels in the coming year.”
SWIFT general manager Bill Doran said he was pleased to be working with NAB to bring SWIFT gpi’s real-time tracking capabilities to businesses in Australia.
“This technology addresses the most important challenges faced by business customers today, including tackling the uncertainty around the length of time needed for payments to be credited and the inability to fully trace them,” Mr Doran said.
“This end-to-end real-time payment tracking will add tremendous value to NAB customers by offering more visibility and furthering automating these functions.”