SWIFT to Eliminate Frictions in International Payments by Upfront Verification of Account Details in Real Time
SWIFT today announced the go-live of a service that will enable banks to verify payee account details before an international payment is sent, removing a key point of friction in cross-border transactions. The new Payment Pre-validation service is a core building block in SWIFT’s strategy to drive instant and frictionless transactions worldwide.
Most cross-border payments are processed without issue, but one of the leading causes for those that fail or lose time is incorrect beneficiary information – from misspelled names to transposed account numbers. And because they are detected late in the process, these issues can be among the most time-consuming and costly to resolve. SWIFT’s Payment Pre-validation service tackles this problem by allowing a sending bank to confirm account details, via an API, with the receiving bank from the very beginning of the process so that any data or account problems are identified right up front. This check is similar to what already occurs in some domestic markets except the SWIFT service will go much further — solving the issue for up to 11,000 institutions and 4 billion accounts in 200 countries.
SWIFT developed the Payment Pre-validation service in close cooperation with financial institutions, and a number of major global banks have already signalled their commitment to the service. SWIFT plans to continue innovating the service, and over the coming months will offer additional checks based on reference data encompassing millions of transactions to further predict, at the point of initiation, when a transaction may potentially run into friction points along the way.
Over the next two years and beyond, SWIFT is transforming its platform to enable instant and frictionless payments anywhere in the world, aiming to significantly improve end-to-end efficiency, reduce total costs, and to create services that equip financial institutions to capture growth and create new, differentiated customer experiences. Payment Pre-validation is one of many such services to come that will support the first platform release in November 2022.
Stephen Gilderdale, Chief Product Officer, SWIFT said: “SWIFT’s strategy to enable fast and frictionless payments takes a major step forward with the launch of this service. Payment Pre-validation will bring end-to-end efficiency, enabling our customers to provide better, faster and new services to their own end clients.”
Thomas Halpin, Global Head of Payments Product Management, HSBC, said: “Pre-validation is an important step in helping corporates to make simpler, faster and more secure cross-border payments. This feature will ensure customers can send payments in confidence, and the increased security brings benefits not just for customers but for the entire payments community.”
George Doolittle, Head of Global Payment Services, Corporate and Investment Banking Group, Wells Fargo, said: “Wells Fargo is pleased to be an early participant in SWIFT’s pre-validation solution as we continually seek ways to improve the global payment services that we bring to our clients. The transformative value of SWIFT’s Payment Pre-validation service is the decrease in friction, resultant cost efficiency and improved client experience of understanding and correcting format issues before they result in a repair or inquiry at the beneficiary’s bank or creditor’s agent which can bring great benefits to our industry. This service addresses a key challenge in the cross border payment industry.”
SWIFT is a global member owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.
Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.
As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern.
Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
Finsbury Glover Hering
+32 (0)2655 3377
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Henley & Partners: Investment Migration: “We Need More, Not Less Immigration of People Who Contribute Positively to Society”29.7.2021 10:00:00 CEST | Press release
Henley & Partners Chairman Dr. Christian H. Kaelin says the significant worldwide expansion of investment migration, by which affluent individuals invest in other countries to acquire residence or citizenship, is simply unstoppable. Speaking at The World Ahead Gala Dinnerhosted by The Economist in Athens last week, Dr. Kaelin stated that all over the world countries have realized the importance of residence and citizenship to attract much-needed foreign direct investment, debt-free capital, talented entrepreneurs, and experienced investors. Dr. Kaelin, who is widely considered the pioneer and one of the world’s foremost experts in investment migration, shared the stage with Ireland’s Minister for Finance and President of the Eurogroup, Paschal Donohoe, and Greece’s Minister of Finance, Christos Staikouras, at the annual event to discuss the year ahead with government and business leaders. Further accelerated by the need to alleviate the financial distress following the Covid-19 pandemi
Katherine Alexakis Appointed to Chief Financial Officer of euNetworks29.7.2021 10:00:00 CEST | Press release
euNetworks Group Limited (“euNetworks”), a Western European bandwidth infrastructure company, today announced the appointment of Katherine Alexakis to the leadership team, taking up the role of Chief Financial Officer. This appointment is effective 6 September 2021, at which time Katherine will also join the Board of Directors as an Executive Director. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210729005060/en/ Brady Rafuse, CEO of euNetworks (Photo: Business Wire) Katherine joins euNetworks after 15 years working at Goldman Sachs International in London, where she held several roles across the European Equities business. She most recently served as a Managing Director within European Equity Research, sitting on the European Investment Review Committee and leading the European Tactical Research Group. Katherine was also responsible for merchandising the research product across the Securities division. Previously, Katheri
Onera raises €10.5M in Series B funding29.7.2021 10:00:00 CEST | Press release
Onera Health, a leader in sleep diagnostic and monitoring solutions, closed the Series B funding round today, which brought the total funding raised to date above the €24M mark. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210729005036/en/ The model is wearing the head and chest patch of Onera STS innovative PSG system. (Photo: Business Wire) Led by Innovation Industries in close collaboration with Invest-NL and with existing investors Jazz Pharmaceuticals, imec.xpand, BOM and 15th Rock, the company intends to use the funds to execute clinical studies and further commercialize its sleep diagnostics and monitoring products in Europe and the United States. Onera has recently obtained the CE mark for its first product, an innovative polysomnography (PSG) system that brings the gold-standard quality of a hospital diagnostic system directly to a user’s home. “We’re going to leverage the funding to conduct progressively larger s
Prokarium Appoints Uz Stammberger as Chief Medical Officer to Drive Clinical Development in Oncology29.7.2021 10:00:00 CEST | Press release
Prokarium, a biopharmaceutical company pioneering the oncology field of microbial immunotherapy, today announced the appointment of Uz Stammberger, MD, as Chief Medical Officer. In the role, Dr. Stammberger will lead the advancement of Prokarium’s oncology pipeline into the clinic. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210729005044/en/ Uz Stammberger, MD, Chief Medical Officer of Prokarium (Photo: Business Wire) “Uz brings extensive clinical experience to Prokarium’s team having spent more than two decades in oncology drug development and research,” said Kristen Albright, PharmD, Chief Executive Officer of Prokarium. “We are thrilled to welcome Uz onboard as we expand our clinical portfolio into oncology, and I look forward to working together on the development of our next generation immuno-oncology pipeline.” “Prokarium’s unique technology based on live, attenuated bacteria is a promising and powerful strategy for
BehavioSec Expands Portfolio and Opens Market Access with Another Industry First29.7.2021 09:00:00 CEST | Press release
BehavioSec, industry pioneer and technology leader for behavioral biometrics and continuous authentication, today announced that it has extended its patented technology and BehavioSense platform into a SOC/ISO compliant, hosted-version and a cloud-native, SaaS version. These new versions will help more organizations meet compliance and cloud mandates, support frictionless multi-factor authentication (MFA), and gain access to the market’s most advanced behavioral biometrics technology – which until now – has only been employed within the world’s largest banks, e-Identity providers, and online retailers. According to the recent July release of the 2021 Gartner ® Market Guide for Online Fraud Detection, “The convergence between online fraud detection (OFD), identity proofing and authentication continues with many organizations applying OFD capabilities to mitigate risk in identity proofing and authentication events.” The report further adds, “Banks are becoming increasingly comfortable wi
SES Enters Multi-transponder Agreement with NewSpace India Limited via SES-829.7.2021 08:58:00 CEST | Press release
SES announced today that it had entered into a multi-transponder agreement for its SES-8 satellite with NewSpace India Limited (NSIL), a Central Public Sector Enterprise (CPSE) under Department of Space (DoS) based in Bengaluru, India. The nine-transponder capacity agreement on SES-8 at 95 degrees East will be used to support India’s thriving direct-to-home (DTH) market. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210728006179/en/ SES Enters Multi-transponder Agreement with NewSpace India Limited via SES-8 (Photo: Business Wire) Deepak Mathur, Executive Vice President of Sales at SES Video, said, “Satellite TV and the programmes it brings hold a very important role for Indian TV viewers. We are honoured to be able to provide continued support and satellite capacity needed to support DTH operations in the country in collaboration with NSIL." Follow us on: Read our Blogs > Visit the Media Gallery > About SES SES has a bold
Mekitec Acquires Grupo Bimbo’s AI-Focused Subsidiary29.7.2021 08:15:00 CEST | Press release
Food quality control system manufacturer Mekitec Group acquired Grupo Bimbo subsidiary Kanan Smart Solution on July 15, 2021, including a software development team and local sales and service operations in Mexico. This solidifies Mekitec’s place among the global leaders of X-ray inspection systems for baking companies and boosts the company’s market position throughout Latin America. Grupo Bimbo has used Mekitec’s X-ray systems, powered by Kanan’s software solutions, for many years. Bimbo Ventures, Grupo Bimbo’s venture arm, will now enable Mekitec to grow faster and increase its focus on baking solutions. In food inspection, X-ray systems are considered the most sustainable choice; they minimize waste and maximize traceability without compromising the main purpose, consumer safety. “Traceability and artificial intelligence are significant drivers for the future of food safety,” says Antti Sivula, Mekitec Group’s CEO. “This acquisition is of major strategic importance for Mekitec, enab