SWIFT launches new reference data directory for financial institutions and corporates
Brussels, 24 April 2014 - SWIFT announces the launch of a new version of its Bankers World Online directory, an online query tool which has been significantly upgraded to provide more data coverage, a wider breadth of financial information (including data from Reuters, Dun & Bradstreet, and Moody's), and new intuitive features and functionalities. The service is part of the SWIFTRef portfolio, an industry-wide platform for global payments reference data.
The new Bankers World Online service includes essential reference data, such as Business Identification Codes (BIC), International Bank Account Numbers (IBAN), Legal Entity Identifiers (LEI), national bank codes and more that are used to facilitate international payments and to fulfil new reporting requirements. It also includes important financial information from market data vendors and credit rating agencies, including credit ratings, shareholder information, balance sheet information, cash flows, and many more data sets about customers, suppliers and service providers.
"With the new Bankers World Online, SWIFTRef is building on its traditional strength in payment reference data to deliver the same high quality service in new areas, such as counterparty risk and regulatory reporting. This move meets the industry's demand for a comprehensive source of financial data, driven by an ever-growing number of regulatory (reporting) requirements," says Stephen Gilderdale, Head of New Business Development at SWIFT. "Integrating data from renowned sources such as Reuters, Dun & Bradstreet and Moody's brings our data offering to a new level."
Bankers World Online now provides instant online access to source the reference data a financial institution or corporate needs to correctly populate domestic, SEPA and international payments; to validate the required identifiers in regulatory reports or find the information needed to evaluate counterparty risk. The renewed service will improve payments straight through processing (STP) rates, support risk mitigation, reduce costs and time spent on manual repairs and investigations, while ensuring regulatory compliance.
In addition to the highly enriched content, Bankers World Online also offers enhanced usability and a direct response channel to enquire and report missing or incorrect data in a dynamic and user-friendly environment.
For more information about SWIFTRef's new Bankers World Online, visit http://swiftref.swift.com/bankers-world-online
SWIFTRef refers to SWIFT's unique reference data service. Whether you are a financial institution, a corporate, a data or service provider, SWIFTRef offers you a single source for all the reference data you need for a flawless payments process and accurate regulatory reports. If identification and validation of BICs, IBANs, national bank codes, standing settlement instructions, SEPA routing information or other reference data are challenging you on a daily basis, then discover here how SWIFTRef has it all figured out.
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 banking organisations, securities institutions and corporate customers in 212 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
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