Financial messaging provider, SWIFT, is
launching a suite of product, SWIFTRef to tackle costly payment
data errors and to increase straight through processing payment
(STP).
According to research supported by SWIFT,
30% of non-STP payments are caused by poor reference data with
manual intervention to correct these errors costing between 30 to
40 Euros thus, costing millions of Euros every year.
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SWIFT’s new family of products will provide
users with a one-stop shop which allows them to identify their
payment counterparties via the cloud and will help cooperative to
widen its addressable market for reference data.
Patrik Neutjens, head of reference
data at SWIFT said:
“The issue of poor reference data is
only getting worse because of the sheer increase in global payments
being made. This is why only an industry-driven initiative and
contribution can help the financial community. Our research shows
that financial institutions are working hard to increase
back-office efficiency to reduce costs.
“This requires tailor-made,
integrated data that’s constantly updated. That’s where SWIFT can
help.”
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By GlobalDataDirectory services to be included
are Swift’s SSI database, national clearing and sort codes, Sepa
routing information, payment system information among
others.
