payLOCATOR. Main Concepts. Chapter 4

We continue our story about the main concepts and features used in IntellectEU’s innovative payment tracking solution — payLOCATOR. Today, payLOCATOR’s product manager Oriana Claeys will talk about a unique tracking feature payLOCATOR offers: the adoption of trustlines.

These trustlines help both banks and corporates establish secure connections with partners and beneficiaries for not only consulting, but also sharing sensitive information about their payments.

Let us start with a brief reminder about G4C (gpi for corporates). This service possesses similarities to the standard gpi option that banks can use or are already currently using, but there are some significant differences that should be considered. Corporations do not receive information about their transfers directly from the SWIFT tracker, as banks do, but rather from their servicing bank.

Consequently, in addition to being a member of the SWIFT gpi community, the servicing bank has also agreed for its client to receive a subscription to the g4c service. In doing so, the bank shows that it is ready both technically and operationally to send to its client the payment status messages from the SWIFT gpi tracker through the SWIFT network. Once a corporation has received the subscription to g4c, it can reach out to us to subscribe to payLOCATOR.

Thanks to payLOCATOR, corporates can start using so-called trustlines to establish a secure connection for sharing sensitive payments information with beneficiaries.

Let us take a closer look at these trustlines. Here at IntellectEU, we consider them to be payLOCATOR’s unique feature, setting our solution apart from other payment tracking solutions.

Interested in what trustlines can do for your business? Keep on reading.

Mutual Transparency.

Rather than going through back and forth communication with customer support teams, generating significant operational costs and loss of efficiency for all parties, payLOCATOR can be simply installed and a trustline can be opened with specified counterparties. Now, both companies can receive information from g4c and monitor the transaction processing accordingly. Automated sharing can be activated if desired to facilitate the reporting between issuer and recipient. The trustline can also be revoked or put on hold at any time.

How does it work exactly?

The Trustline guarantees that the viewer sees only the payment information that was shared by the respective holder. Indeed, there is an issuer and a recipient of the trustline. Thanks to a trustline identifier (a special identification code), access is granted by the issuer to the recipient. After that, in a new window, the user must select payments for sharing and select the existing active trustline chosen for the sharing. The payment info can be manually selected and also sent in bulk. It is as simple as that.

Can sharing be automated?

The answer is yes. The Autoshare feature is available to automate the process of payments sharing. To set it up, in a separate window, one should enter the beneficiary’s account number and bank code in order to identify the payments to be shared. Once the Autoshare Configuration is created, all payments that a) are uploaded to the system and b) mention both the beneficiary’s account number and the beneficiary’s bank’s BIC will automatically be shared with the Trustline receiver. Easy.

Interested in a demo?

If you think payLOCATOR might help to grow your business, please reach out to us on www.paylocator.com to book a demo or discuss.