The service assesses the quality of the bank reference data stored in a corporate’s database, which is typically used to facilitate payments.
By matching and comparing bank reference data, the service validates the accuracy of the database against up-do-date data in the SWIFTRef directories, and makes suggestions for the addition of the correct data.
The service is intended to help reduce payment failures and the related charges, and to help prepare firms for any major data or upgrade projects.
Hervé Valentin, head of SWIFTRef at Swift said: “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.”