Header logo

The global provider
of secure financial messaging services

Skip to main content
  • English
    Discover SWIFT
  • Español
    Descubra nuestros contenidos en español
  • Français
    Découvrez notre contenu disponible en français
  • 中文
    了解我们提供的中文内容
  • 日本語
    日本で入手可能なコンテンツをお探しください
Using past data to predict future errors

Using past data to predict future errors

Payments,
31 August 2022 | 5 min read

Learn how we’re using past transaction data to spot and fix errors before a payment is even sent. All thanks to the latest feature in our Payment Pre-validation offering – central beneficiary account verification.

Millions of messages travel over our network every day carrying important payment instructions that deliver funds to keep the worlds’ economies running smoothly. And in each message, details like the receiver’s name, bank account number and currency all need to be correct for a payment to reach its destination safely.

But mistakes do sometimes happen. Whether that’s a misspelt name, a misplaced zero or wrong currency, incorrect payee information is the most common cause of cross-border payment delays.

But what if it was possible to use data from past transactions to ensure that future payments flow smoothly? This principle underpins the latest feature of our Payment Pre-validation service – central beneficiary account verification. Using aggregated and anonymised data, the new service compares data input into new transactions with ones that have already been successfully completed, making sure the transactions are free of errors that could cause delays later down the line.  

It’s all part of our mission to make transactions instant and frictionless, regardless of where they’re heading or what they’re worth.

Empowering your growth

We want to make sure every payment passing over our network is frictionless. By providing centralised verification of transaction data, no single institution is limited by the business they’ve previously done. Instead, they can cross-check payment information with transfers that the rest of the financial community have made on the SWIFT network – that’s over 9 billion transaction messages between 4 billion accounts, every year – and gain real-time confidence that the payment will go through.

Thomas Zschach
"Think of it as the ultimate payment pre-check."
Thomas Zschach Chief Innovation Officer, SWIFT

“When someone wants to make an international payment, we can instantly predict the likelihood of success based on whether the account has been credited successfully in the past, and then present this information directly to the customer so that they can fix any errors or typos before the payment even starts its processing.”

“We are able to do this because of the unique perspective SWIFT has at the heart of the financial community, and our strategic commitment to make international payments as seamless as the fastest domestic ones,” he added.

Smoother payments start today

The new capability is an expanded feature of SWIFT’s Payment Pre-validation service and is available to banks via an API, meaning that customers around the world can now benefit from smoother international payments. And it’s another bold step forward as we evolve the SWIFT platform to enable banks to drive a new era of instant, frictionless and interoperable cross-border transactions.

Want to take advantage of this new feature? If your institution is already API-enabled, then getting started is simple. Just visit our Payment Pre-validation page on our Developers Portal and make sure you’re using the latest version.

Or, if you’re not yet API-enabled, speak to your account manager to learn how you can gain access to Payment Pre-validation and our other API service too.

Learn more

What users are saying

Arturo Rivera Fermoso, Director General Adjunto de Tecnología, Banca Mifel: “SWIFT’s Payment Pre-validation service has enabled us to identify issues with account information before a payment is processed. Building on this service will further empower us to better serve our customers, rather than dealing with breaks in automation. Extending this service across more accounts on the SWIFT network will bring the industry real cost-savings and efficiency gains.”

Susan Yang, General Manager, International Payments and Network Management, Commonwealth Bank of Australia: "The SWIFT Global Payments Innovation (gpi) provides an opportunity to address challenges – like speed and flexibility – in the cross-border payments space. As Australia's largest bank, we’re excited to move towards implementing our digital gpi roadmap. We see SWIFT’s pre validation service as a key capability, aligned to CBA's priority to deliver the best integrated digital experience to our clients without compromising on simplicity, speed and security. At the heart of this service is checking that the beneficiary's account is open and accurate, reducing errors and delays for senders and receivers of cross border payments.”

Vijay Lulla, Director Payments Products, HSBC: “HSBC is an early adopter of SWIFT’s Payment Pre-validation service and sees it as an important step in removing friction from cross-border payments by providing the capability to detect and prevent any issues before a transaction is completed. This provides our customers with a solution that helps to minimise the risk of payment delays, meaning they can operate more efficiently and at pace.”

Rajesh Vedantham, Head, Cross-Border Payments Products, Standard Chartered Bank: “At Standard Chartered, we aim to eliminate payment friction with upfront account verification, as well as continuously increasing end to end efficiencies while minimising fraud risks. SWIFT’s new service will play a vital role in enhancing transactional data quality across the payments ecosystem, allowing our clients to experience real benefits with a more seamless payment experience overall.”

Mehmet Ali Memiş, Vice President, Foreign Trade and Credit Operations, Yapı Kredi Bank: “We are always keen to make our customers’ lives easier by implementing the latest industry innovations. Speed is of the utmost importance to our customers when sending money internationally, however incorrect data often puts the brakes on before a transaction has even been initiated. By using its data in this way, SWIFT removes barriers to business and ensures clients can operate at pace.”

 

Loading...