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As part of its strategy for instant and frictionless transactions, SWIFT has announced a new feature that uses its global intelligence on past cross-border flows to predict potential problems before sending new global payments.
The new service analyzes previous traffic on the SWIFT network to identify accounts that have been successfully credited, and uses this information to detect potential errors in payee information – the most common cause of cross-border delays.
This centralized verification is based on aggregated and anonymized data on 9 billion transaction messages per year between 4 billion accounts, providing insight that no single financial institution can have alone. It also provides real-time confidence that the payment will go through, regardless of whether the parties or banks in the transaction have transacted with each other before.
Payment pre-check
“Think of this as the ultimate advance check,” said Thomas Zschach, chief innovation officer at SWIFT. “When someone wants to make an international payment, we can immediately predict the likelihood of success based on whether the account has been successfully credited in the past, and then apply the This information is presented directly to the customer so they can fix any errors or typos before payment or even begin processing.”
“We were able to do this because of SWIFT’s unique perspective at the heart of the financial world, and our strategic commitment to making international payments as seamless as the fastest domestic payments,” he added.
The new functionality is an extension of SWIFT’s payment pre-validation service, which is available to banks via API, meaning their customers can immediately benefit from faster sending and receiving international payments globally.
create new value
It marks another bold step forward as SWIFT develops its platform to enable banks to drive a new era of instant, frictionless and interoperable cross-border transactions to create new value for their customers. As part of this commitment, SWIFT is also significantly expanding its capabilities in areas such as low-value payments through SWIFT Go, and is working with industry players to explore the capabilities and potential uses of CBDC, tokenization and artificial intelligence.
Arturo Rivera Fermoso, Assistant Director-General of Technology, Banca Mifel, said: “SWIFT’s payment pre-validation service allows us to identify issues with account information before processing payments. Building on this service will further enable us to serve our customers better, Rather than dealing with automated outages. Extending this service to more accounts on the SWIFT network will bring real cost savings and efficiency gains to the industry.”
Susan Yang, General Manager, International Payments and Network Management, Commonwealth Bank of Australia, said: “SWIFT Global Payments Innovation (gpi) provides an opportunity to address challenges in the cross-border payments space, such as speed and flexibility. As Australia’s largest bank, we are delighted to begin Implementing our digital gpi roadmap. We see SWIFT’s pre-validation service as a key capability, aligned with CBA’s priorities to provide our customers with the best possible solution without compromising simplicity, speed and security The best integrated digital experience. At the heart of this service is checking that the recipient’s account is open and accurate, reducing errors and delays for senders and recipients of cross-border payments.”
early adopter
Vijay Lulla, Director of Payments Products at HSBC, said: “HSBC was an early adopter of SWIFT’s payment pre-validation service and sees it as an important step towards removing friction in cross-border payments as it provides the ability to detect and prevent any issues.” A transaction is completed. This provides our customers with a solution that helps minimize the risk of payment delays, which means they can operate more efficiently and quickly.”
Rajesh Vedantham, Head of Cross-Border Payments Products at Standard Chartered, said: “Standard Chartered aims to remove payment friction through upfront account verification and continue to improve end-to-end efficiency while minimising the risk of fraud. SWIFT’s new service will improve The quality of transaction data across the payments ecosystem plays a critical role, enabling our customers to experience real benefits through a more seamless overall payment experience.”
Mehmet Ali Memiş, Vice President of Foreign Trade and Credit Operations at Yapi Kredi Bank, said: “We are always passionate about making our customers’ lives easier by implementing the latest industry innovations. Speed is of the essence for our customers when it comes to sending money internationally, but Incorrect data tends to stop before transactions begin. By using its data in this way, SWIFT removes business barriers and ensures clients can operate at rhythm.”– arab trade news agency
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