Banks plot SwiftNet exceptions and investigations course

Banks plot SwiftNet exceptions and investigations course

Around 60% of banks have drawn up plans to pilot the new SwiftNet standards for automating exceptions and investigations, or to implement them this year, according to a survey conducted by SunGard.

But the study, conducted at Sibos last year, found that the other 40% will adopt the messages only when required to by Swift.

The new Swift standards are being introduced to help reduce the time and costs associated with resolving exceptions.

Overall 90% of respondents say they will adopt the new messages, but only 20% plan to fully automate exception handling. The majority - 70% - will implement a semi-automated approach, adopted in stages.

According to the majority of respondents in the survey, exceptions comprise five-to-eight per cent of transactions and are caused by a failure to comply with industry protocols.

Sungard says respondents agreed that industry standard investigations messages will help reduce exception resolution times between 20-40%, helping provide better response times to customers and trading parties.

Suzanne Sisolak, SVP, product management and marketing at SunGard's STeP business unit, says: "The uptake of these standards will help move the industry forward in terms of improving efficiencies and, ultimately improving customer satisfaction."

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