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Payment Controls – your questions answered

Table of contents

How does SWIFT Payment Controls help prevent fraud?

For banks around the world, wire payments security is a pressing concern. 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. Payment Controls makes it easy for you to mitigate fraudulent attacks by detecting and preventing high-risk payments and supporting recovery. It combines real-time monitoring, alerting and blocking of sent payments with independent daily reporting.

Why use SWIFT Payment Controls?

Payment Controls helps you detect and prevent high-risk payments and mitigates business disruption, and financial losses in the event of back-office compromise.

How does SWIFT Payment Controls complement SWIFT Daily Validation Reports?

SWIFT Payment Controls provides a comprehensive solution with both alerting and reporting capabilities. Daily Validation Reports - the reporting element of Payment Controls - delivers an accurate, global summary of your inbound and outbound counterparty payment flows, based on SWIFT’s secure record of your transaction activity.

Existing customers of Daily Validation Reports can take advantage of both by upgrading to Payment Controls, although this is not mandatory. Some institutions with higher transaction volumes may opt for a reporting-only solution. You can find out more from your SWIFT representative.

What message types are covered by SWIFT Payment Controls?

The service will initially focus on key payment messages: MT 103, MT 202, MT 202COV, MT 205 and MT 205COV. Message scope will be extended progressively.

What message types will be covered by Payment Controls?

The Payment Controls service will initially focus on sent SWIFT MT payment messages. As SWIFT develops the service the message scope will be extended.

Who should use SWIFT Payment Controls?

Payment Controls is specifically addresses the needs of smaller institutions with limited resources and lower volumes of SWIFT messages. It is easy to implement, simple to use and affordable, so ideally suited to the needs of these smaller banks.  The service comprises SWIFT Daily Validation Reports , which is already being used by customers to supplement their existing fraud controls. Payment Controls will be used by the compliance, operations and payment teams.

When was SWIFT Payment Controls launched?

Payment Controls was launched in October 2018, following extensive pilot testing. SWIFT will continue to enhance the solution based on customer feedback and evolving fraud threats.

What’s the link to SWIFT’s Customer Security Programme?

SWIFT is committed to developing new services to reduce the threat of cyber-attack and fraud, as well as to strengthen areas of potential weakness in your payment processing. Payment Controls is an important part of SWIFT’s Customer Security Programme (CSP), a community-driven initiative that is enhancing cyber security for the global financial industry.

SWIFT CSP requires banks to adopt suitable payment controls and processes to secure their local environment. So adding fraud prevention solutions to our Financial Crime Compliance portfolio helps our community safeguard their operations and fight cyber-crime.

Is SWIFT Payment Controls a mandatory part of the Customer Security Programme?

Payment Controls is an optional service. SWIFT does require customers to self-attest to their organisation’s level of compliance with SWIFT’s customer security controls. This self-attestation is done using the KYC Registry Security Attestation Application.

SWIFT Payment Controls – Protecting your payments against fraudulent attacks
Improve payment speed, transparency and reliability

Payment Controls: book a demo

Book a demo with one of our sales experts and see Payment Controls in action.