Saxo Bank has deployed Vortex payments messaging solution. It enables the bank to to enable the bank to check, validate and cross reference that payments messages have the correct information to improve straight-through processing (STP), and reduce errors and charges.
Vortex, deployed online and as software-as-a-service (SaaS), allows clients to enter online from one to tens of thousands of payment messages in SWIFT format, and for the message fields containing BBANs, IBANs, BIC, SWIFT codes and sort codes to be validated and cross referenced. Where there is missing or incorrect information, this will be identified prior to sending.
Henrik Alsoe, head of operations, executive director of Saxo Bank, said: “We will use Vortex internally to validate our payments messages prior to sending.”
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