UAE Business: SWIFT announces new capability to predict problems – Gulf Digital News

UAE Business: SWIFT announces new capability to predict problems – Gulf Digital News

As part of its strategy for instant and frictionless transactions, SWIFT has announced a new capability that uses its global intelligence on past cross-border flows to predict potential problems before new global payments are sent.

The new service analyses previous flows on the SWIFT network to identify accounts that have been credited successfully and uses this information to detect potential errors in payee information – the most common cause of cross-border delays.

This centralised verification, based on aggregated and anonymised data from nine billion transaction messages between four billion accounts each year, provides a level of insight no single financial institution has on its own. It also gives real-time confidence that a payment will go through, regardless of whether the parties or banks in a transaction have transacted with each other before.

Payment pre-check

“Think of it as the ultimate payment pre-check” said Thomas Zschach, Chief Innovation Officer, SWIFT. “When someone wants to make an international payment, we can instantly predict the likelihood of success based on whether the account has been credited successfully in the past, and then present this information directly to the customer so that they can fix any errors or typos before the payment even starts its processing.”

“We are able