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Investec bank chooses SWIFT’s Payments Data Quality service

Investec bank chooses SWIFT’s Payments Data Quality service

Financial Crime Compliance,
28 June 2018

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