Payments Data Quality
Payments Data Quality checks the quality of originator and beneficiary data in your institution’s payments messages. It’s a simple, cost-effective tool to support compliance and operational efficiency.
Benefits
Frequently Asked Questions
What is Swift’s Payments Data Quality service?
Payments Data Quality is a Swift-hosted data analytics service for correspondent banks. It provides neutral, third-party reports on the quality of information about the originator and beneficiary in your institution’s sent and received MT 103, MT 202COV and MT 205COV payments messages.
Payments Data Quality supports strong compliance and operational performance on three levels. It:
- supports compliance with the originator and beneficiary data requirements of FATF Recommendation 16, the EU FTR 2015 and the US ‘Travel Rule’.
- helps you improve data quality in payments messages, supporting more effective, efficient transaction screening and AML monitoring.
- enhances operational efficiency and straight-through processing by identifying areas where poorly formatted messages may be blocked or delayed, so you can take steps to remedy the situation.
Payments Data Quality provides an agreed set of validation rules based on FATF Recommendation 16.
We’ve worked with the industry to develop Payments Data Quality in line with our community-based approach to financial crime compliance services. We now have a centrally hosted solution that mutualises costs for the industry and eliminates the need for system installation or on-site integration.
* The Financial Action Task Force (FATF) is an intergovernmental body comprising 35 member jurisdictions and two regional organisations. The FATF Recommendations are recognised as the international standard for combatting money laundering, the financing of terrorism and proliferation of weapons.
How will using Payments Data Quality benefit my institution?
If you work at a large bank running multiple payment systems, you’ll benefit from having a single, global overview of payment messages with all your correspondents and own entities. If you work at a smaller bank, Payments Data Quality gives you access to fully automated reporting, checks and investigations at a fraction of the cost of implementing an in-house solution.
There are no installation or integration costs for institutions, and the costs of developing and providing this centrally hosted service are mutualised across all users, making it a very cost-effective, industry solution.
Why choose Payments Data Quality over existing solutions?
Financial institutions currently lack adequate solutions to address the challenge of payments data quality.
Our Payments Data Quality service is a centrally hosted, cost-effective industry solution, with neutral third-party reporting. It provides cost certainty without set-up or capital costs, the need to maintain expensive onsite systems, or manage integration.
Additional verification is performed within the FIN message flow, so payment flows aren’t interrupted. Originator and beneficiary data isn’t extracted or stored, eliminating data privacy issues.
Do I need to be a Compliance Analytics customer to use Payments Data Quality?
Payments Data Quality is part of our expanding portfolio of Compliance Analytics services. You don’t need to subscribe to Compliance Analytics to use and benefit from Payments Data Quality.
