Payments Data Quality checks the quality of originator and beneficiary data in your institution’s payments messages. It’s a simple, cost-effective tool to support compliance and operational efficiency.
Benefits
International regulation requires banks to monitor originator and beneficiary data in payments messages. Payments Data Quality provides an agreed set of validation rules based on FATF 16 and covering EU FTR 2015, MAS 226 and the US “Travel Rule”.
The reports can help with proactive data quality improvement, resulting in more effective screening and AML monitoring – and fewer processing issues and repairs.
We’ve worked with the industry to develop a centrally hosted service that mutualises costs, doesn’t require onsite installation or integration.
Payments Data Quality can help you to dramatically improve straight-through processing of payments messages by identifying areas where transactions are blocked or delayed due to poor formatting.
Interested in Payments Data Quality?
Find out how our service can support compliance with FATF Recommendation 16.
Frequently Asked Questions
Payments Data Quality is a Swift-hosted data analytics service for correspondent banks. It 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 supports strong compliance and operational performance on three levels. It:
- supports compliance with the originator and beneficiary data requirements of FATF Recommendation 16, the EU FTR 2015 and the US ‘Travel Rule’.
- helps you improve data quality in payments messages, supporting more effective, efficient transaction screening and AML monitoring.
- enhances operational efficiency and straight-through processing by identifying areas where poorly formatted messages may be blocked or delayed, so you can take steps to remedy the situation.
Payments Data Quality provides 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. We now have a centrally hosted solution that mutualises costs for the industry and eliminates the need for system installation or on-site integration.
* 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 combatting money laundering, the financing of terrorism and proliferation of weapons.
If you work at a large bank running multiple payment systems, you’ll benefit from having a single, global overview of payment messages with all 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.
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.
Financial institutions currently lack adequate solutions to address the challenge of payments data quality.
Our Payments Data Quality service is a centrally hosted, cost-effective industry solution, with neutral third-party reporting. It provides cost certainty without set-up or capital costs, the need to maintain expensive onsite systems, or manage integration.
Additional verification is performed within the FIN message flow, so payment flows aren’t interrupted. Originator and beneficiary data isn’t extracted or stored, eliminating data privacy issues.
Payments Data Quality is part of our expanding portfolio of Compliance Analytics services. You don’t need to subscribe to Compliance Analytics to use and benefit from Payments Data Quality.
