Track and trace
From ACT Wiki
Track and trace is the ability to see where a payment is at any given time in the transaction flow, particularly in relation to cross border payments.
- What's on the radar for treasury in 2020?
- "Most of us, as individuals, will have taken advantage of new payment providers and technologies such as PayPal, contactless payments and instant notifications of payment activity. The impact on businesses has been slower to catch up with retail innovations, but changes are imminent:
- - Confirmation of Payee will be delivered by the six largest banks in the UK by March 2020. This will help fight fraud by requiring validation of the beneficiary account name.
- - Request to Pay will be coming soon and for those treasurers reliant on direct debit income, their cash forecasts may change significantly as customers choose to delay payment.
- - Strong Customer Authentication was scheduled to have been implemented in the summer of 2019, but due to various reasons is now being delayed.
- These changes and others will affect key payment activities – both inbound and outbound.
- For most treasurers it will provide an opportunity to look at the overall payment activities to ensure that the different channels available are being optimised and that innovations such as SWIFT’s track and trace are being taken advantage of."
- The Treasurer, December 2019, p29.
- Confirmation of Payee
- Direct debit
- Distributed ledger
- Payments and payment systems
- Request to Pay
- Ripple payment protocol
- Society for Worldwide Interbank Financial Telecommunications (SWIFT)
- Strong Customer Authentication
- SWIFT gpi