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Eliminate payments friction with upfront account verification

Friction in the payments system costs the industry more than $2bn every year, affecting over 700 million transactions. But much of this friction is the result of avoidable errors, such as incorrectly inputting account information.

Payment Pre-validation solves this problem, utilising API technology and harnessing best-in-class data sources to validate key information before a payment is sent.

Pre-validation
Pre-validation

Predictable payments

Experience greater predictability and ensure all your payments complete first time by pre-validating key message details upfront. Confirm the beneficiary’s account is open and ready to receive funds in your chosen currency, and double check that the name matches the one on the account.

Confirming these details at the beginning of the payments process allows any issues to be identified and resolved before a payment is sent, resulting in fewer delays and a frictionless customer experience.

How it works

Before sending a payment, banks can check that the beneficiary account information matches that of the ultimate receiving banks. This is done in real-time via an intuitive API-based mechanism.

Initiating banks are also able to verify key details before their transactions are sent, including whether the data in their payment instructions is correct or if it matches the requirements of the destination country.

Highlights

Predictable payments

Provide a predictable payments experience to your customers by validating key information upfront.

Enhanced fraud detection

Stop fraudulent payments in their tracks by identifying them early, and spend fewer resources on investigations.

API enabled

Connect via our API channel to seamlessly integrate with our rich data sources, reduce costs and allow quicker connectivity. 

[Ebook] 6 ways to reduce cross-border payments friction

Download this ebook to learn how financial institutions can deliver a better payments experience.

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How to get started with Payment Pre-validation

Contact your account manager

Got questions about Payment Pre-validation? Reach out to your SWIFT account manager today or contact our sales representatives directly.

Register today

Or, if you’re ready to start your pre-validation journey, fill out the form below.

Register to Payment Pre-validation today

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