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Harnessing the power of data in cross-border payments
Today, a large majority of international payments are processed straight through, requiring no manual intervention. However, the small proportion of payments that require manual processing often do so due to incomplete or inaccurate data relating to the end beneficiary.

September 09, 2019 | Julien Blanchez

Innovations in payments, both domestic and international, have developed at great pace in recent years, driving remarkable changes.

Goods and services are moving more quickly, more frequently and across greater distances than ever before. To support this acceleration, value needs to shift further, faster and with greater transparency. The less friction in the transfer, the better.

Whilst there is a clear demand for faster, easier payments, they must also be safe, secure and compliant. This is where data plays a pivotal role. The quality of data and the way organisations use it, is paramount to reducing friction in payments

Enabling faster payments with smart data

Today, a large majority of international payments are processed straight through, requiring no manual intervention. However, the small proportion of payments that require manual processing often do so due to incomplete or inaccurate data relating to the end beneficiary. The ensuing enquiries and delays can take a disproportionate amount of time and resource to resolve.

SWIFT is working to eliminate these to provide a better customer experience by providing the financial community with smarter tools that improve the quality of the underlying data.

By providing full end-to-end tracking across the payment chain, we are enabling financial institutions to identify the underlying causes of errors and to take action to remedy them with other banks in the chain.

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