SWIFT Payment Controls are being launched to  help payment operations teams mitigate fraud risk in real-time.

In particular, Payment Controls’ complements SWIFT’s anti-fraud services by allowing real-time monitoring, alerting and blocking

According to SWIFT Payment Controls may be set to flag, hold, release or reject high-risk or uncharacteristic payments in real-time, according to business needs. Initially targeted at smaller financial institutions, the utility service is hosted in the SWIFT cloud to allow users immediate access, with no hardware or software installation or maintenance.

The service bolsters SWIFT’s global payments innovation (gpi), launched last year.

Swift Payment Controls:  Stop and recall capability

As part of gpi, and to further strengthen customer defences, SWIFT will introduce a new ‘stop and recall’ capability.

This will enable banks to immediately stop and recall a payment anywhere in the chain.

Luc Meurant, Chief Marketing Officer at SWIFT, said: “The growing threat of cyberattacks has never been more pressing. Banks need to be able to verify the integrity of payments in real time.

Payment Controls demonstrates our commitment to playing our part in protecting the security of the wider financial services industry. I am confident that the new service will be an important weapon in the fight against fraud.”

Mark McNulty, Managing Director, Head of Global Clearing and FI Payments, said: “Putting the right security tools in place is vital for any bank in its pursuit to mitigate risk. The launch of SWIFT’s Payment Controls service is a very welcome step forward towards reinforcing and safeguarding the security of our ecosystem.

“It will help banks screen transactions based on their risk policies and can be an important part of a bank’s overall toolkit to help mitigate risk in payments.”

Patricio Melo, Executive Vice President of Technology and Operations at Banco Davivienda, added: “We are confident that our system will not only be better protected from fraud risk, but allow us to then deliver a trusted service to our clients.