By joining SWIFTRef, Volante users will have access to SWIFT for all their payments reference data needs, helping to reduce costs and improve straight-through-processing (STP) of international and SEPA payments.
New York, London, 1 July, 2013 – Volante Technologies, a global leader in the provision of innovative financial data integration, today announced its membership with the SWIFTRef partner programme. By joining SWIFTRef, Volante users will have access to SWIFT for all their payments reference data needs, helping to reduce costs and improve straight-through-processing (STP) of international and SEPA payments.
SWIFTRef is a global reference data utility provided by SWIFT, offering a single source for collecting, managing and delivering high-quality payments reference data, helping firms to produce accurate and timely payments, associated regulatory reports and reduce processing costs. SWIFTRef identifies and validates BICs, IBANs, national bank codes, standing settlement instructions, SEPA routing information or other reference data in order to effectively manage and report payments for individual firms. How a firm manages and reports payments reference data is becoming more important in the face of increasing regulation. By partnering with SWIFTRef, Volante is helping its clients get closer to being SEPA-compliant by the 1 February 2014 deadline.
SWIFTRef’s online directories portfolio will provide Volante’s customers with a wide selection of web query tools designed to give them a hands-on approach to payment repairs and investigations. SWIFT has recently upgraded the SWIFTRef data platform to include daily updates to its reference data directories. The move from the provision of monthly updates previously, aims to help the industry reduce costs currently associated with payments processing.
Patrik Neutjens, Head of Reference Data, SWIFTRef, said, "Volante and SWIFT have been working together for many years now, and we are delighted to enhance that relationship further by welcoming Volante to the SWIFTRef partner programme. Working in partnership with SWIFTRef will enable Volante’s clients to gain easy access to SWIFT’s reference data sets, as well as benefit from daily updates to SWIFTRef’s reference data directories in order to respond quickly to market developments."
Volante’s technology handles transformation between message formats, and helps clients navigate and manage the diverse and complex world of formats, protocols and standards encountered throughout financial transactions. By joining the SWIFTRef partner programme, Volante users will be able to connect to SWIFT to access the reference data required for producing efficient, timely and accurate payments . Volante users will be able to fully rely on Volante’s partnership with SWIFT to collect data from multiple sources, clean and validate the data, cross reference the data and permanently maintain the vast volumes of data for individual firms.
Allan Spalding, EMEA Partners Director, Volante, said, "With ever-increasing regulation facing the financial services industry, firms are under added pressure to produce payments more efficiently and generate regulatory reports required under SEPA, MIFID II and other industry regulations. Through our partnership with SWIFT, Volante’s clients will be able to streamline this process while at the same time, reduce the risks and complexity associated with managing payments reference data."