BAC Credomatic on improving payment experience through visibility and speed
BAC Credomatic shares how its collaboration with Swift supports its digital transformation strategy. By adopting multiple Swift solutions aligned with global financial standards, secure development and a strong customer focus, the bank has improved payment accuracy, transparency and speed across the region.
BAC Credomatic on improving payment experience through visibility and speed
Fewer errors and greater payment transparency
BAC Credomatic has implemented SwiftRef, Swift Pre-Validation and Swift gpi to improve the end-to-end payment experience. These solutions help minimise errors linked to bank data and allow customers to detect issues early in the process instead of at the end of the journey. With Swift gpi, customers can also track their payments at every stage and see whether a transfer is credited, in process or rejected, as well as identify the bank where the payment is located. This level of self-service traceability gives customers more confidence and control over their transactions.
Faster crediting and a simpler experience for customers
Thanks to these implementations, BAC Credomatic has significantly increased payment speed across the region. 90% of payments are now credited on the same day, with 70% credited within one hour, while maintaining full traceability throughout the process. The bank has also made it easier for customers to initiate transfers by providing a catalogue of banks, reducing complexity around technical banking information.
Working with Swift to prepare for the future
BAC Credomatic describes close collaboration with Swift as a combination of learning through the Swift Smart platform, hands-on support and personalised coaching. The bank is actively working on the adoption of ISO 20022 messaging, with a focus on making the most of enriched data rather than only meeting deadlines. Looking ahead, BAC Credomatic plans to explore automation, artificial intelligence and further API-based services to continue upgrading its capabilities and customer experience.