SWIFT eases data industry challenges with new analytics tool
New service provides customers with a deeper analysis of their payments and trade finance traffic over SWIFT.
Singapore, 13 October 2015 - SWIFT announces the launch of Watch Home Analytics Premium, a new analytics service that provides customers with a deeper analysis of their payments and letter of credits (LCs) data over SWIFT.
Watch Home Analytics Premium is part of SWIFT's Watch for Home services, a set of online reporting and analytical tools that allows customers to look into their institution's message content to better understand the value behind messaging activity. SWIFT customers can now gain access to additional payload information, including:
- Details of payment charges enabling a benchmark to market practices
- Visibility of the initial ordering and end beneficiary countries
- Ability to map clearing business to determine potential new revenue flows
- Better understanding of FX conversion practises
- Greater visibility of the market for confirmed LCs and track dedicated activity share
- Insights into the length of LCs and compare to market standards
- Access to value buckets for all messages types
- Rank market positon by currency, country or market and track sales performance for comparison against peers
"The functionality of SWIFT's Watch Home Analytics Premium creates opportunities for innovative efficiencies by using detailed big data," says Ana Sancho, Global Payments Network Manager - Treasury Services, BNY Mellon. "It's likely to become a must have tool for network managers. We all want comprehensive intelligence at our fingertips; the SWIFT Business Intelligence Solutions team and the tools they offer are helping to make that happen."
Based on SWIFT message flows, business intelligence products and services provide timely, transparent, and consolidated ready-to-use market information about customers' flows. This data is used by financial institutions to better manage costs and risks, look at market trends, benchmark or detect new product/country opportunities. It is also key in driving customer strategy, ultimately leading to better informed business decisions.
"Analytics is quickly becoming a strategic priority for many financial institutions," says Astrid Thorsen, Head of Business Intelligence Solutions at SWIFT. "With massive amounts of unstructured data available, many financial institutions want new ways to turn data into meaningful business insights. SWIFT has come a long way in the last 10 years, providing business intelligence services to customers. With the new focus on adding greater levels of analysis, we look forward to the next 10 years and the additional support we can provide to the community."
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,800 banking organisations, securities institutions and corporate customers in over 200 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
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