Bank-owned messaging network Swift (Society for Worldwide Interbank Financial Telecommunication) has launched a new product aimed at reducing the cost of domestic and cross-border transfers by improving back office payment and transaction processing efficiency.
Called Transaction Watch, the software monitors and analyses 'received' and 'sent' message traffic against a set or sets of industry-defined best practice guidelines, and identifies non-compliant messages. The bank-owned Society says the output provides important statistical business management data to help institutions prioritise their operational investments.
"By analysing traffic we can help an institution identify areas in which it and its agents could improve message quality," says Lazaro Campos, head of marketing, Swift. "This enables the institution to increase automation and reduce the resources devoted to repairs, queries and investigations, and facilitates negotiation and supervision of service level agreements with its clients."
The software enables users to reduce risk through early identification of actual and potential processing breaks and minimises costs associated with message repair and transaction failure, says Lazaros. In addition, Transaction Watch also provides objective volume and value data for comparing an institution's performance against worldwide, country or peer group averages, he adds.
Financial institutions have the option of subscribing to Transaction Watch on an annual basis, receiving either monthly or quarterly reports depending on the frequency requested, or on a periodic basis.