Swift plans new vetting system to speed payments

More from: | PaymentsSource |
0

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

(...)

Read full article » http://www.paymentssource.com/news/swift-plans-new-vetting-system-to-speed-payments


About | PaymentsSource |

PaymentsSource.com is quickly evolving as the leading news and information resource for payments and financial-service professionals.

With its exclusive focus on the payments industry and a full-time editorial staff, PaymentsSource.com offers timely and comprehensive coverage of the rapidly changing payments business.

»Twitter: @payments_source »Facebook: @PaymentsSource