Financial messaging network Swift explains the background to its proposals to develop a new solution for automating payments exceptions and investigations.
Potential savings resulting from improved productivity in the handling of Swift category 1 and 2 related investigations are estimated at EUR48 million per year in staff time.
The proposed solution, comprising standards, XML-based messaging service and rulebook, will also create opportunities for banks to develop and market new revenue-generating customer self-service menus, says Swift.
Banks supporting the initiative are: ABN Amro, ANZ, Banca Intesa, Bank of New York, Barclays, Commerzbank, Crédit Agricole, Deutsche Bank, Group Banco Popular HSBC, JPMorgan Chase, KBC Bank N.V. – Fin-Force, La Caixa, Natexis Banques Populaires, Royal Bank of Scotland. Two third-party vendors - Pegasystems and SunGard EPI - are also in support.
The first pilots are expected to be ready by the end of 2005, with a live production system operating from Q2 2006.
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