Swift promises STP Holy Grail with SwiftRef APIs

Swift promises STP Holy Grail with SwiftRef APIs

Financial messaging network Swift has introduced an automated data look-up service that identifies and validates payments reference data in real-time, reducing the time spent by bank back offices in correcting errors resulting from manual repairs and investigations.

Through SwiftRef APIs, users will be able to check queries against the latest information in the SwiftRef repository via their proprietary applications, obtaining an instant response that identifies and validates critical payments reference data.

Twelve SwiftRef APIs are available covering key industry identifiers, including BICs, LEIs, IBANs, settlement instructions and national bank codes.

Swift says the application points the way to "flawless payment processing" and the back office Holy Grail of straight-through processing.

Early users are reporting positive results from implementation.

“We implemented SwiftRef APIs for BIC and IBAN validation, which has led to a very clear workload reduction resulting from automation and higher data quality,” says Kimmo Veistola, manager, Cash management at UPM-Kymmene. “In addition, the data quality has also reduced the turn-around time for payments, which is very important given the high volume of payments we handle on a regular basis.”

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