Interbank messaging service SWIFT has unveiled a new real-time payment controls service to combat fraud and cybercrime.
The vendor said that its new tool will allow customers to screen their payment messages based on their selected parameters, and spot unusual message flows before transmission.
The solution will be initially aimed at smaller financial institutions and central banks, and launched as a hosted utility thereby eliminating the need of hardware or software installation or maintenance.
The solution will develop a profile of a user’s message traffic depending on its business activities and the countries, counterparties and currencies it is involved with. It will ‘red flag’ out-of-policy messages and generate real-time alerts on detecting anomalies.
SWIFT head of financial crime compliance services Luc Meurant said: “Our new payment controls service is an important step in delivering a full suite of hosted offerings that address our customers’ needs in the fraud and cyber-crime prevention areas, as well as in the sanctions, Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance domains.”
SWIFT chairman Yawar Shah added: “Through the development of new products, like the payment controls service and the roll out of the broader Customer Security Programme, SWIFT is demonstrating its commitment to delivering innovative community-based solutions that significantly enhance risk-management in cross-border payments.”