Swift releases payments analytics tool

Swift releases payments analytics tool

Financial messaging network Swift is to give member banks deeper insights into their cross-border payment flows with the release of a 'Business Intelligence gpi Observer Analytics' tool.

The dashboard monitors the progress of gpi payments crossing the network at country, country corridor, and currency level, providing banks with the opportunity to optimise payment routings and benchmark their performance against other participants.

Launched following a successful pilot with 17 banks, gpi Observer Analytics is now available to all gpi banks.

Harry Newman, head of banking, Swift, says: “Banks want to have much more information to help them better direct their payment messages. gpi Observer Analytics is designed to give gpi members deeper business insights into their gpi payment flows giving them routing intelligence and allowing them to benchmark against the wider gpi community.”

The banking co-operative is wising up to the value of its Big Data resources for shareholder banks. Last month, the Society announced the recruitment of a senior executive from Google for a newly-created data analytics position with a brief to extract the value of the banking co-operative's data assets for the benefit of members and its own future product strategy.

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