Streamline and automate your exception management processes
Sending money overseas can be complex. There are country-and currency- specific as well as regulatory payment obligations to meet, specific formatting to take into account and obviously also human intervention may cause occasional omissions or mistakes. This can result in a payment being held for further investigation in order for it to be processed, otherwise known as an exception.
While the overall number of international payments that are subject to an investigation is very low, the time and effort it takes to investigate and resolve them is not at all.
Our case resolution service, powered by SWIFT gpi, removes the strain involved in resolving exceptions and investigations. The ‘in-flight’ cloud-based service allows for dynamic query handling between banks on the SWIFT network, enabling them to quickly resolve instances in which information is incorrect or missing in payment instructions.
This solution will vastly improve the time to resolve an inquiry, ensuring invoices are paid on time, reducing fraud, and better meeting client expectations. Ultimately, creating straight-through processing for inquiries has been long overdue and will eventually become the global standard.
How does it work?
Customers can locate any hold-ups via the gpi Tracker, as well as identify the beneficiary or intermediary banks that may be causing them.
Using API calls, and the gpi Tracker, they can then automatically exchange the required information directly with the relevant banks. Case requests and responses can be handled via a GUI.
Using a standardised ISO 20022 format, banks are able to exchange requests and responses in a structured manner – ensuring more efficient case resolution.
Values & benefits
Via the Tracker, you can follow case requests anywhere in the cloud and record related interbank communications in an audit trail.
Shorter resolution time
Financial institutions can smartly route enquiry requests to case resolution using the Tracker and ensure timely follow up backed by SLAs and the rulebook.
Reduced manual intervention
Using structured codes to standardise communications reduces duplicate inquiries on the same payment and facilitates enquiries’ process automation by case software solutions.
When can I sign up?
For gpi members
Our case resolution service is now live and gpi customers can sign up today. A community of 72 financial institutions have already joined the service as early adopters, along with six application providers.
Click on on the link below, and follow the ordering process. You can also contact your SWIFT account manager, or get in touch with our sales representatives.
For non gpi members
At present, case resolution is a service exclusively for SWIFT gpi members. However, we intend to bring the benefits of smooth and frictionless case resolution to our entire community.
This new service will extend the benefits of centralised case management to all SWIFT financial institutions, meaning the end of bank-to-bank sequential information exchange.
Financial institutions will be able to send case status updates to the central SWIFT platform either via API, using ISO standard messages or through a simple GUI.
A community of 72 financial institutions have already joined the service as early adopters, along with six application providers.
Industrial and Commercial Bank of China Intesa SanPaolo
National Australia Bank
Sumitomo Mitsui Banking Corporation
Combining the power of the gpi Tracker to solve an industry challenge such as investigation handling is a great innovation and we are delighted to be one of the first banks to embrace this service. Ultimately it’s the end customer who benefits, as more banks embrace the service, payments will become even more frictionless.”
How can I get started?
Contact your account manager
If you have any question about the service and how to get started, get in touch with your SWIFT account manager today, or contact one of the SWIFT sales representatives following the link below.
Place your e-order today
If you're ready to get started right away, click the link below and follow the ordering process. The subscription to gpi Case Resolution should be performed once at the level of your parent destination. The latter should first subscribe to SWIFT gpi.