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Eliminate payments friction with upfront account verification

Friction in the payments system costs the industry more than $2bn every year, affecting over 700 million transactions. But much of this friction is the result of avoidable errors, such as incorrectly inputting account information.

Payment Pre-validation solves this problem, utilising API technology and harnessing best-in-class data sources to validate key information before a payment is sent.

Payment Pre-validation
1 min view

Payment Pre-validation

How it works

Before sending a payment, banks can check that the beneficiary account information matches that of the ultimate receiving banks. This is done in real-time via an intuitive API-based mechanism.

Initiating banks are also able to verify key details before their transactions are sent, including whether the data in their payment instructions is correct or if it matches the requirements of the destination country.

Still got questions on how Payment Pre-validation works? Check out our FAQs.

Predictable payments

Experience greater predictability and ensure all your payments complete first time by pre-validating key message details upfront. Confirm the beneficiary’s account is open and ready to receive funds in your chosen currency, and double check that the name matches the one on the account directly with the beneficiary bank or using pseudonymized account statistics if the beneficiary bank is not connected to pre-validation.

Confirming these details at the beginning of the payments process allows any issues to be identified and resolved before a payment is sent, resulting in fewer delays and a frictionless customer experience.

Payments pre-validation

[Demo] See Payment Pre-validation in action

We're eliminating friction that causes delays and keeps customers waiting. Learn how our API technology and best-in-class data helps reduce errors by validating payments before they're sent.

Highlights

Predictable payments

Provide a predictable payments experience to your customers by validating key information upfront.

Enhanced fraud detection

Stop fraudulent payments in their tracks by identifying them early, and spend fewer resources on investigations.

API enabled

Connect via our API channel to seamlessly integrate with our rich data sources, reduce costs and allow quicker connectivity. 

 George Doolittle
This service addresses a key challenge in the cross-border payment industry.
George Doolittle EVP-Head of Global Payments, Corporate & Investment Banking, Wells Fargo
Thomas Halpin
Pre-validation is an important step in helping corporates to make simpler, faster and more secure cross-border payments.
Thomas Halpin MD, Global Head of Payments, HSBC
Stephen Gilderdale
SWIFT’s strategy to enable fast and frictionless payments takes a major step forward with the launch of this service. Payment Pre-validation will bring end-to-end efficiency, enabling our customers to provide better, faster and new services to their own end clients.
Stephen Gilderdale Chief Product Officer, SWIFT

More on this product

Payment pre-validation

Payment Pre-validation FAQs

Still got questions? Take a look at our FAQs and get answers today.

The value of payment pre-validation with SWIFT
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SWIFT at Sibos: The value of payment pre-validation with SWIFT

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Payment Pre-validation: Say goodbye to unnecessary errors

When analysing payment exceptions on the SWIFT network, we found that 72% were the result of...

How to get started with Payment Pre-validation

Download our demo

See Payment Pre-validation in action by downloading the product demo.

Got questions?

Take a look at our FAQs and get answers today.

Ready to start? Register today.

Or, if you’re ready to start your pre-validation journey, fill out the form below. 

Register to Payment Pre-validation today

Forgot your BIC? Search here

By submitting this Registration Form, you agree that your participation to the Payment Pre-Validation service will be governed by the Payment Pre-validation Service Description and the Payment Pre-validation Privacy Policy.

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