Swift has launched an automated reference data delivery channel called SWIFTRef APIs.
The new channel enables financial institutions (FIs) and corporates to identify and validate necessary payments reference data in real-time against the most up-to-date information available in the SWIFTRef utility, Swift’s global reference data service.
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.
A total of 12 SWIFTRef APIs are available covering key industry identifiers, including bank identifier codes (BICs), legal entity identifiers (LEIs), international bank account numbers (IBANs), settlement instructions and national bank codes. By using these application programme interfaces (APIs), FIs and corporates can automate their payments process using data stored centrally, eliminating the need for data storage on premises.
”SWIFTRef APIs are paving the way towards flawless payments processing” said Herve Valentin, head of reference data, Swift. “SWIFTRef APIs offer FIs and corporates a ready-to-go solution that validates or identifies data when needed, against the most accurate SWIFTRef data available at any given time. Through this approach, banks and corporates can increase operational efficiency, reduce cost, and risk, dramatically reducing time spent on errors resulting from manual repairs and investigations.”
“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,” added Kimmo Veistola, manager, cash management at Finnish pulp and paper producer 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.”
The new SWIFTRef APIs complement SWIFTRef’s existing data delivery channels, which include online manual look-up, manual and automated file download and a secure file delivery over SWIFT.
Swift added that over the coming months SWIFTRef will announce the availability of a new directory, Entity Plus, to assist the community with regulatory reporting by providing a consistent view of entities achieved by cross-referencing various identifiers, (such as BIC, LEI and global intermediary identification number (GIIN)). In a second phase, the product will provide hierarchical and ownership information to assist with risk exposure and risk management.
SWIFT has announced that it has successfully completed the first phase of the global payments innovation (GPI) initiative pilot, clearing the way for the go-live of the service in early 2017.
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