Skip to main content
Header logo

The global provider
of secure financial messaging services

Payments Data Quality service: BNP Paribas sets the pace

Payments Data Quality service: BNP Paribas sets the pace

Financial Crime Compliance,
21 November 2017

Reinforcing the payment chain to promote transparency

The quality of payment transaction data is critical to effective Sanctions and AML controls, as well as the transparency regulators require. But achieving end-to-end payments transparency is an ongoing challenge for correspondent banks.

Payments Data Quality is a simple and effective service to help meet the payments transparency and efficiency requirements of correspondent banks. Independent reports on messages support compliance with international requirements for originator and beneficiary data and help improve payments data quality for better straight-through processing.

BNP Paribas – an early adopter

BNP Paribas is using Payments Data Quality as part of a major initiative to improve data quality and transparency at a global level. And as an active player role in the tool’s development they are confident that it will fully meet their needs, and are already seeing clear benefits.

Payments Data Quality provides a global overview along with detailed analytics and reporting, helping us focus our investigations and track our progress over time.

Pierre Gouarin, Managing Director, OFAC/Sanctions Advisory Team, Group Financial Security – US, BNP Paribas

Extending the scope

BNP Paribas is now using Payments Data Quality for incoming, as well as outgoing payment flows, helping to support compliance with EU Funds Transfer Regulation 2015.

Payments Data Quality supports our control framework to comply with EU Funds Transfer Regulation 2015. The tool is very user friendly and produces good market intelligence, enabling us to identify issues that we would not have been able to resolve internally, such as concentrations of anomalies by bank and BIC.

Anne-Catherine Colleau, Deputy Head, Group Financial Security Paris, BNP Paribas

Structural support

Payments Data Quality can facilitate the development of industry standards and best practices. And the BNP Paribas has chosen to adopt the structured field option ahead of the 2020 deadline to support robust sanctions and AML compliance.

We believe the structured field option supports robust sanctions and AML compliance, which is why we are adopting it ahead of the deadline.

Pierre Gouarin, Managing Director, OFAC/Sanctions Advisory Team, Group Financial Security – US, BNP Paribas

What next?

There is huge potential for growth in this area. Payments Data Quality reinforces other compliance tools developed by SWIFT, including The KYC Registry and Compliance Analytics – supporting compliance and benefitting the business as a whole.

Are you looking for a simple, cost-effective tool to support compliance and operational efficiency? Read this Case Study to learn more.

resource
Payments Data Quality service: BNP Paribas sets the pace
Loading...