Bank-to-bank messaging network Swift has moved to eliminate payments friction by introducing a new capability to flag upfront when a payment may stall because of incorrect payee details, according to Finextra.
The new service analyses previous flows on the Swift network to identify accounts that have been credited successfully and uses this information to detect potential errors in payee information – the most common cause of cross-border delays.
This centralised verification, based on aggregated and anonymised data from nine billion transaction messages between four billion accounts each year, provides a level of insight no single financial institution has on its own.
The new capability is an expanded feature of Swift’s Payment Pre-validation service and is available to banks via an API.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
