Sept. 17, 2018 — SWIFT is introducing a pre-validation service for customers to detect and resolve errors that delay payment messages before they are dispatched and enable banks to give upfront fee transparency to their end customers.
Part of SWIFT gpi, the service will use secure APIs, predictive analysis and AI to identify and flagging potential issues ahead of time, thereby reducing delays, rejections and the return of incorrect payment messages. The payment originator will verify with the beneficiary bank ahead of time that the beneficiary account will be able to receive the funds.
Initial discussions have begun with a range of banks to deliver the pre-validation service which will also provide up front transparency on fees, based on the exact routing of the payment message.
“Within the fast-growing gpi community there is strong demand for further transparency and the ability to address issues before payments are made so that they are as predictable and as efficient as possible,” saysSWIFT CEO, Gottfried Leibbrandt.“This new feature will help address those needs.”
To date, over 220 financial institutions around the world are signed up to SWIFT gpi, with over USD 100 billion in SWIFT gpi payments being sent daily across 600+ international payment corridors — representing over a third of all SWIFT payments. Key features of the gpi service include enhanced business rules and a secure tracking database in the cloud accessible via APIs.