SWIFT, the bank telecommunications group, has launched a new data analysis service.
In Brief:
It will mine data to flag incorrect payment details.
This will avoid payments being stalled due to mistakes like incorrect payee information.
Previous data flows will be analysed to identify accounts that have already been paid and detect potential errors.
What does this mean?
According to SWIFT, incorrect payee information is the most common cause of cross-border payment delays. It can use data to predict likelihood of success based on whether the accoutn details have been credited successfully before. It is available for banks to use as an API.
