The Gateway to Algorithmic and Automated Trading

SWIFT announces new payment controls service

First Published 13th April 2017

SWIFT's new payment message monitoring service to bolster customers' fraud and cyber-crime controls.

Yawar Shah, SWIFT

Yawar Shah, SWIFT

The new fraud and cyber-crime prevention service will help SWIFT customers to screen their payment messages according to their own chosen parameters, enabling them to detect any unusual message flows before transmission.

Customers can integrate the service directly into their SWIFT messaging flows, thereby helping to control their messaging activity, enabling the detection of unusual or uncharacteristic payment patterns, and improving their ability to prevent fraudulent transfer requests. They will also be able to define and control their screening parameters according to their own risk and compliance policies, and choose whether to set the review permissions for the alerts centrally, or at individual access points.

The service will be launched as a hosted utility solution which will require no hardware or software installation or maintenance. The service will develop a profile of each SWIFT user's message traffic based on its specific business activities and the countries, counterparties and currencies it is typically involved with.

Yawar Shah, Chairman, SWIFT said: "The new payment controls service is a direct response to our community's request for additional services to complement and strengthen existing fraud controls. Through the development of new products, like the payment controls service and the roll out of the broader Customer Security Programme, SWIFT is demonstrating its commitment to delivering innovative community-based solutions that significantly enhance risk-management in cross-border payments."