Global payments network SWIFT has announced the launch of a new software tool aimed specifically at corporate treasurers.
Hosted on the network’s SWIFTRef financial information suite, Customer Data Validation uses the details within that platform to assess the quality of corporate bank reference details.
It does this by verifying the information stored in a corporate’s proprietary database, which is typically used to facilitate payments.
As SWIFT explains: “Corporates consume payments reference data to help ensure that all outgoing payments get to their correct destinations.
“However, ensuring that the data you have entered into your back office systems is correct and accurate can be challenging.”
SWIFT points out that bank data in corporate systems often suffers from common errors – for example:
As such, Customer Data Validation grants users detailed insights on the accuracy of bank master databases in corporate back offices. It also provides recommendations for the addition of correct and up-to-date bank information.
Its key features enable treasurers to:
SWIFT notes that the Customer Data Validation service is best implemented in tandem with the SWIFTRef Bank Directory for SAPTM or Oracle.
SWIFTRef leader Hervé Valentin said: “High-quality reference data is in great demand from corporate treasurers… However, bank data in corporate systems can suffer from common errors, which affect 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.”
Download a factsheet on the Customer Data Validation service here.