28 June 2018

Investec bank chooses SWIFT’s Payments Data Quality service

Investec drives positive change with SWIFT’s Payments Data Quality service.

Following the implementation of the EU Funds Transfer Regulation 2015 (EU FTR 2015) which has brought with it additional compliance needs, Investec Bank was looking for a monitoring solution that would cover this new regulation. 

The new regulation, which is being used to implement the requirements of FATF recommendation 16, requires banks to verify that originator and beneficiary information is included in incoming and outbound payment messages.

Rather than build an in house solution, the bank has opted for SWIFT’s Payments Data Quality Service, which checks the quality of originator and beneficiary party data in an institutions payments messages. Providing for a cost effective tool that supports compliance and operational efficiency by:

  • Enabling more effective transaction screening and AML monitoring
  • Enhancing operation efficiency and straight through processing
  • Addressing the originator and beneficiary date requirements of FATF Recommendations 16, the EU FTR 2015 and the US ‘Travel Rule’

Matthew Barret

Investec drives positive change with SWIFT’s Payments Data Quality service

PDF iconDownload (51.89 KB)
Last update: 
28 June 2018

Investec Bank chooses SWIFT's Payments Data Quality Service

  • Collateral
  • Case Studies
English
Compliance

Payments Data Quality service: supporting FATF 16 compliance

Get a clear picture of originator and beneficiary information in your payment messages. Detailed reporting and analytics support compliance with FATF Recommendation 16.
Compliance

Financial crime compliance

SWIFT’s comprehensive suite of financial crime compliance services covers sanctions, KYC and compliance analytics, helping you set the standard in transparency, regulatory compliance and operational insight.

SWIFT Insights

  • Discover the latest trends in financial services
  • Keep up with our news updates
  • Read thought-provoking industry reports
  • Explore global events and webinars
Read more