The new service will speed up the resolution of operational, compliance and regulatory-related issues that can arise along the payments chain.
Sunday 05, May 2019 BY KUDAKWASHE MUZORIWA
SWIFT has launched an in-flight payment investigation and resolution service that is available in the cloud, in a significant expansion of its network-wide payments validation toolkit.
The new service allows for dynamic query handling between banks on the SWIFT network, enabling them to quickly resolve instances in which required operational, regulatory or compliance information is incorrect or missing from payment instructions.
Harry Newman, the Head of Banking at SWIFT, said, “In our drive towards frictionless payments, we are working together with banks and software providers to bring in a fully integrated, network-wide service to ensure a smooth payments process.”
Interbank efforts to resolve blockages often involve multiple requests and responses across chains of banks, the use of unstructured, un-standardised messages prevents automated processing, resulting in time-consuming and costly processes.
SWIFT stated that the service is integrated directly into SWIFT gpi and it will be made available to all 10,000 banks across the SWIFT network.
“The idea of using standardised codes to raise case resolution enquiries will ensure easy & standard interpretation of queries and eliminate the need to send multiple communication messages for the same query,” added, Abdulla Qassem, the Group Chief Operating Officer, Emirates NBD.
Additionally, the service will improve transparency, shorten resolution time and reduce the need for manual interventions.