Julien Blanchez, SWIFT’s Head of Data and Analytics, talks about the importance of smarter and cleaner data to enable real-time payments.
Harnessing the power of data
Today, most international payments are processed straight through, requiring no manual intervention. However, those that do require manual work – often due to incomplete or inaccurate data – take up a disproportionate amount of time and resources to resolve.
Our aim is to eliminate these.
With the gpi Tracker, financial institutions can identify underlying causes of errors and take action to remedy them with other banks in the chain. And with integrated pre-validation and case resolution tools built into gpi, banks can avoid errors by ensuring payment data is correct and complete before the payment is sent, or quickly resolve any issues that crop up.
Increasing the quality of the data will also enable the industry to extract more value from Artificial Intelligence (AI) and Machine Learning (ML) tools, further driving automation and preventing illegal use of the financial system. This is already taking shape in the compliance space, for example, where increased data analytics capabilities are enabling banks to improve their screening algorithms and reduce the number of false positives.
We’re working with our community to harness the collective intelligence from our data to enhance the payments experience for all.
Data opens up a world of possibilities, but it must be harnessed to realise its full potential.
That’s why we have set out to build on the collective intelligence of our community’s data to improve the payments experience for all.
Read more about how, together, we are paving the way for the future of payments.