SWIFT to launch payments data quality service
Launching in Q3, the new service will help banks monitor their compliance with the Financial Action Task Force’s (FATF) Recommendation 16 for wire transfers.
Launching in Q3, the new service will help banks monitor their compliance with the Financial Action Task Force’s (FATF) Recommendation 16 for wire transfers.
SWIFT is to launch Payments Data Quality, an advanced reporting and data analytics service to help financial institutions comply with new international requirements for originator and beneficiary information in payments messages. The financial messaging services provider said that the new service, which will be available from the third quarter of 2016, will help banks monitor their compliance with the Financial Action Task Force’s (FATF) Recommendation 16 for wire transfers, issued in 2012.
“Industry analysis indicates that originator and beneficiary information is missing or incomplete in a significant number of payments messages,” said SWIFT. The new service “will check messages using quality verification rules developed by SWIFT in line with industry practice and in cooperation with its community.” It will also offer financial institutions:
• A global overview of quality of originator and beneficiary information in their payments messages.
• Detailed analytics to help them identify potential risk related to specific countries, counterparties and branches.
• Trusted reporting from SWIFT as a neutral third party to support their internal investigations and discussions with their counterparties.
• A web-based platform eliminating the need to install, integrate or maintain additional systems.