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SWIFT enhances reference data quality for treasurers

First Published 4th October 2017

SWIFTRef's new Customer Data Validation service supports corporate treasury teams by assessing and validating payments reference data

Barcelona - SWIFT has announced the availability of Customer Data Validation, a new reference data service from SWIFTRef that helps corporate treasurers validate bank master data against payment reference data, available from the SWIFTRef directories.

The Customer Data Validation service, designed by SWIFTRef Consultancy, is a service that uses the SWIFTRef database to assess the quality of bank reference data stored in a corporate's proprietary database, typically used to facilitate payments, by matching and comparing data. The service provides insights about the accuracy of the back office ERP bank master database, and also includes suggestions for the addition of correct and up-to-date bank information. The Customer Data Validation service is best utilised in conjunction with the implementation of SWIFTRef Bank Directory for SAPTM or Oracle.

Key features include:

  • Identification of gaps, duplicates and data inaccuracies in the bank master table
  • Ensuring payment reference data in the ERP system is accurate and up-to-date to reduce payment failures and related bank charges
  • Accurate preparation of the bank master table before a major data or upgrade project

The Customer Data Validation service is part of the reference data products and services portfolio that SWIFTRef offers corporates, particularly related to SEPA and international payments. The services come in a variety of corporate packs , which include national bank codes and SWIFT BIC pairings, bank names and address details and much more. Data can be consumed via flat files that can be integrated into ERP systems or via online look-up tools and APIs. SWIFTRef directories and services are available to corporates of all sizes, across all industries, regardless of a SWIFT connectivity.