SWIFT Payment Controls helps financial institutions to monitor and protect their core payments.
Fraud is moving from data theft to payment fraud – and financial institutions and payment infrastructures are the new targets. Cyber attackers now exploit the fact that payments move faster than ever, so banks need to be able to verify the integrity of payments in real time.
SWIFT is pleased to announce the launch of Payment Controls, a new solution for fraud prevention and detection, which is an integral part of SWIFT’s Customer Security Programme. It will help customers to monitor and protect their core payments, by flagging and responding to fast-moving, suspect transactions efficiently.
SWIFT Payment Controls simply and efficiently flags and intercepts suspicious payments to protect banks and their counterparties
In the event of an attack, any system in the institution can be potentially compromised. Banks require separate controls to check and block payments – and this independent, in-network solution provides just that. This is a significant development and a major source of defence for customers.
SWIFT Payment Controls is easy to implement and simple to use. SWIFT users can access it instantly, with no installation of either hardware or software required. The tool has been developed in collaboration with 14 institutions, allowing us to build the tool around features requested by the SWIFT community.
This activity complements SWIFT’s work on the next phase of global payments innovation (gpi) – an initiative that is transforming cross-border payments.
The next phase will include a ‘stop and recall’ function that will enable banks to do just that to any payment anywhere in the chain. Along with Payment Controls, this new feature will provide the industry with another barrier to prevent high-risk payments – mitigating business disruption and financial losses in the event of a compromise.
Luc Meurant, Chief Marketing Officer, SWIFT said: “The growing threat of cyberattacks has never been more pressing, and banks need to be able to verify the integrity of payments in real time. Payment Controls demonstrates our commitment to playing an important role in reinforcing and safeguarding the security of the wider financial services ecosystem, and I am confident that the new service will be an important weapon in the defence against fraud.”
Mark McNulty, Managing Director, Head of Global Clearing and FI Payments said: “Putting the right security tools in place is vital for any bank in its pursuit to mitigate risk. The launch of SWIFT’s Payment Controls service is a very welcome step forward towards reinforcing and safeguarding the security of our ecosystem. It will help banks screen transactions based on their risk policies and can be an important part of a bank’s overall toolkit to help mitigate risk in payments.”
Patricio Melo, Executive Vice President of Technology and Operations at Banco Davivienda, said: For Davivienda it is a privilege to work with SWIFT, especially at this pivotal moment in the financial industry, in which banks should be working towards strengthening their payment processing systems and reducing the threat of fraud. Through the service provided by SWIFT’s Payment Controls, we are confident that our system will not only be better protected from fraud risk, but allow us to then deliver a trusted service to our clients.”
Find out more about SWIFT Payment Controls