SWIFT enhances reference data quality for treasurers
SWIFTRef’s new Customer Data Validation service supports corporate treasury teams with assessing and validating payments reference data
Barcelona, 4 October 2017 – SWIFT announces the availability of Customer Data Validation, a new reference data service from SWIFTRef that helps corporate treasurers validate bank master data against the most accurate and up-to-date payment reference data, available from the SWIFTRef directories.
The Customer Data Validation service, designed by SWIFTRef Consultancy, is a service that uses the SWIFTRef database to assess the quality of bank reference data stored in a corporate’s proprietary database, typically used to facilitate payments, by matching and comparing data. The service provides detailed insights about the accuracy of the back office ERP bank master database, and also includes suggestions for the addition of correct and up-to-date bank information. The Customer Data Validation service is best utilised in conjunction with the implementation of SWIFTRef Bank Directory for SAPTM or Oracle.
Key benefits include:
- Identification of gaps, duplicates and data inaccuracies in the bank master table
- Ensuring payment reference data in the ERP system is accurate and up-to-date to reduce payment failures and related bank charges
- Accurate preparation of the bank master table before a major data or upgrade project
“High quality reference data is in great demand from corporate treasurers, says Hervé Valentin, Head of SWIFTRef at SWIFT. “Manners consume payments reference data to help ensure that all outgoing payments get to their correct destinations. However, bank data in corporate systems can suffer from common errors, such as mistyped information, using unverified supplied data or using data from unreliable sources, which affects payment instructions, potentially delaying the payment or other issues. The Customer Data Validation service eliminates this burden by evaluating databases and providing the most up-to-date and accurate information to treasury systems that can lose accuracy over time and hinder straight-through-processing of payments.”
Manners consume payments reference data to help ensure that all outgoing payments get to their correct destinations. However, bank data in corporate systems can suffer from common errors, such as mistyped information, using unverified supplied data or using data from unreliable sources, which affects payment instructions, potentially delaying the payment or other issues. The Customer Data Validation service eliminates this burden by evaluating databases and providing the most up-to-date and accurate information to treasury systems that can lose accuracy over time and hinder straight-through-processing of payments.
Hervé Valentin, Head of SWIFTRef, SWIFT
The Customer Data Validation service is part of the reference data products and services portfolio that SWIFTRef offers corporates, particularly related to SEPA and international payments. The services come in a variety of corporate packs, which include national bank codes and SWIFT BIC pairings, bank names and address details and much more. Data can be consumed via flat files that can be integrated into ERP systems or via online look-up tools and APIs. SWIFTRef directories and services are available to corporates of all sizes, across all industries, regardless of a SWIFT connectivity.
SWIFT is a global member owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.
Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.
As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern.
Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.
Tel: +44 (0)20 74409780