SWIFT announces predictive data intelligence push for cross-border payments

|

Joe Baker
Joe Baker
Senior Copywriter
Joe is a Senior Copywriter working on reports, news and analysis. Previously, he worked as a B2B copywriter, journalist and editor covering a broad range of topics, including technology, transport,… Read more
  • 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.

The international money transfer industry is an exciting one that is ever changing – to get all the latest details about this sector and how it works, just go over to our money transfer reviews pages and see what you can find out


Most Read

Use Our Currency Comparison Tool

Results are ranked in order of the best overall deal, taking into account transfer times, rates, fees, and customer service.

Editor's Choice

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.