- SWIFT, which operates one of the world’s leading payment networks, has announced the arrival of a new global intelligence system based on predictive data.
- It comes as part of a wider push by the organisation to offer pre-validation services for payments.
- “When someone wants to make an international payment, we can instantly predict the likelihood of success based on whether the account has been credited successfully in the past,” said a senior figure at SWIFT.
SWIFT, a financial messaging service that operates one of the world’s leading payment networks, has announced the arrival of a new global intelligence system based on predictive data.
The firm said that it had improved its capabilities so that it could predict problems with online money transfer transactions before they had been sent.
It uses the historical data on transactions that SWIFT has in its possession to pick up on possible errors in things such as payee information.
Payee information is what most often causes international money transfer hold-ups.
It is expected that the data will be turned into anonymous information and will be based on billions of accounts.
The idea is that banks and other financial institutions will be able to access volumes of data that they would not be able to access by themselves.
It comes as part of a wider push by the organisation to offer pre-validation services for payments, and will be offered to banks via what is known as an application programming interface.
“Think of it as the ultimate payment pre-check. When someone wants to make an international payment, we can instantly predict the likelihood of success based on whether the account has been credited successfully in the past, and then present this information directly to the customer so that they can fix any errors or typos before the payment even starts its processing,” explained Thomas Zschach, the chief innovation officer at SWIFT.
“We are able to do this because of the unique perspective SWIFT has at the heart of the financial community, and our strategic commitment to make international payments as seamless as the fastest domestic ones,” he said.
Susan Yang, the general manager for international payments and network management at the Commonwealth Bank of Australia and a user of the SWIFT service, said that the new move offered a chance to address issues.
“The SWIFT Global Payments innovation provides an opportunity to address challenges – like speed and flexibility – in the cross-border payments space,” she explained.
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