Payments Data Quality service: supporting FATF 16 compliance
Get a clear picture of originator and beneficiary information in your payment messages. Detailed reporting and analytics support compliance with FATF Recommendation 16.
Answers to your questions about Payments Data Quality
What is SWIFT’s Payments Data Quality service?
Payments Data Quality is a new SWIFT-hosted data analytics service for correspondent banks. The service provides neutral, third-party reports on the quality of information about the originator and beneficiary in your institution’s sent and received MT 103, MT 202COV and MT 205COV payments messages. Payments Data Quality assists FATF 16* compliance by providing an agreed set of validation rules based on FATF Recommendation 16.
We’ve worked with the industry to develop Payments Data Quality in line with our community-based approach to financial crime compliance services. The result: a centrally hosted solution that mutualises costs for the industry and eliminates the need for system installation or integration on-site.
* The Financial Action Task Force (FATF) is an intergovernmental body comprising 35 member jurisdictions and two regional organisations. The FATF Recommendations are recognised as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons.
How will using Payments Data Quality benefit my institution?
Payments Data Quality is an industry solution for FATF Recommendation 16 compliance that all correspondent banks will find valuable.
If you work at a large bank running multiple payment systems, you will benefit from having a single, global overview of payment messages with all of your correspondents and own entities. If you work at a smaller bank, Payments Data Quality gives you access to fully-automated reporting, checks and investigations at a fraction of the cost of implementing an in-house solution.
With Payments Data Quality, there are no installation or integration costs for institutions, and the costs of developing and providing this centrally-hosted service are mutualised across all users, making it a very cost-effective, industry solution.
Payments Data Quality’s validation rules provide the basis for best practice and standardisation of FATF 16 compliance.
Why should I choose Payments Data Quality over existing solutions?
Financial institutions currently lack good solutions to address the challenge of payments data quality.
SWIFT’s Payments Data Quality service is a centrally hosted, cost-effective industry solution, providing neutral third-party reporting. It provides cost certainty with no set-up or capital costs, no need to maintain expensive onsite systems and no integration.
Additional verification is performed within the FIN message flow, so there is no interruption to payment flows. Originator and beneficiary data is not extracted or stored, so there are no data privacy issues.
Do I need to be a Compliance Analytics customer to use Payments Data Quality?
Payments Data Quality is part of SWIFT’s expanding portfolio of Compliance Analytics services. However, you do not need to subscribe to Compliance Analytics in order to use and benefit from the Payments Data Quality service.