Swift plans new vetting system to speed payments

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The Society for Worldwide Interbank Financial Telecommunication says a pre-validation system it will launch soon to catch payment message mistakes prior to dispatch should increase the number of payments reaching beneficiaries in less than 30 seconds.

More than 50% of payments through Swift’s Global Payments Innovation program already are credited to the beneficiary as a faster payment, some arriving in just a few seconds.

But through the use of secure application identifiers, predictive analysis and artificial intelligence tools, the new GPI capability will pre-validate messages by identifying and flagging potential issues ahead of time, Swift stated in a Tuesday press release.

Gottfried Leibbrandt, chief executive officer of SWIFT Bloomberg News

Payment delays often occur when message data has an


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