16:39 - 9.06.2026
June 9, Fineko/abc.az. Traceability of international payments remains one of the main reasons for the bank's customers' dissatisfaction.
ABC.AZ informs that Irina Lorer, Manager for the CIS and the Caucasus region of the World Society for Worldwide Interbank Financial Telecommunications (SWIFT), stated this at the X International Finance and Banking Summit in Baku.
According to Lorer, only 2 out of every 10 banking customers are satisfied with the international payment tracking capabilities provided by banks.
"Customers want to see in real time what stage payments are at. For this purpose, the SWIFT GPI service was developed, which allows to fully track payments. The organization is already integrating this service not only for the internal systems of banks, but also into the digital channels used by customers," the SWIFT representative says.
She added that the lack of transparency of fees and overhead costs for international payments remains one of the main problems of clients: "According to international research, only a third of the bank's clients are satisfied with the level of awareness about commissions and fees applied in international settlements. In the future, customers will need to see all expenses before they can confirm the payment. In an ideal model, all fees and expenses related to the payment should be shown to the user before the transaction begins."
