Thursday 2 February 2023

Swift gpi offers message error detection facility

NEW YORK, September 12, 2018

Swift will introduce a pre-validation service that will allow 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.
More than 50% of SWIFT global payments innovation (SWIFT gpi) payments are credited to the beneficiary in less than 30 minutes and many arrive in just a few seconds. A significant part of the remaining messages are delayed due to errors in the payment data such as incorrect or missing beneficiary information, and insufficient regulatory data.
Using secure APIs, predictive analysis and AI, the new gpi capability will pre-validate messages, identifying and flagging potential issues ahead of time, thereby reducing delays, rejections and the return of incorrect payment messages. Customers will be given greater assurance and a hassle free experience from start to finish with the payment originator verifying 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 upfront transparency on fees, based on the exact routing of the payment message. This will give payment originators and beneficiaries complete transparency and predictability on costs, routes and expected delivery of their funds.
Announcing the concept, Swift CEO Gottfried Leibbrandt said: “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. This exciting new feature will help address those needs and provide our customers with peace of mind when they send their payment messages.”
Harry Newman, head of banking at Swift, said: “While currency controls and regulatory approval processes will always cause some delays in the payment process, many payment flows can be sped up by ensuring the correct information is provided upfront – invalid beneficiary information is the first cause of returned or rejected payments. Eliminating these detectable and preventable errors and omissions will make international payments much more efficient.”
Onur Ozan, head of Middle East, North Africa and Turkey at Swift, said: “The new gpi pre-validation feature is a great addition to our services. This will further support the gpi community in the region and offer customers greater assurance that their payments will go through without any delays. Both payment originators and beneficiaries will experience complete transparency when it comes to predicting fees and expected fund delivery. All in all, the efficiency of the new service will enable Middle Eastern banks to provide a superior service to their customers.”
To date, over 220 financial institutions around the world are signed up to Swift gpi, with over $100 billion in Swift gpi payments being sent daily across 600+ international payment corridors – representing over a third of all Swift payments. There are seven banks live on the service in the Middle East including Mashreq Bank, the Commercial Bank of Kuwait, National Commercial Bank, Garanti Bank, Bank al Etihad, Al Baraka Bank and the National Bank of Kuwait, the statement said. – TradeArabia News Service 

Tags: message | Swift | payments |

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