SWIFT, the global network that facilitates communications on financial transactions, has launched an ‘in-flight’ payment investigation and resolution service, available in the cloud. This is part of the company’s significant expansion of its network-wide payments validation toolkit. It said in a release that the new capability allows for dynamic query handling between banks on the SWIFT network, enabling them to quickly resolve instances in which required operational, regulatory or compliance information is incorrect or missing from payment instructions. This service complements SWIFT’s integrated gpi pre-validation service, which is aimed at identifying and eliminating errors and omissions in payment messages, prior to payment initiation. The new service will speed up the resolution of operational, compliance and regulatory-related issues that can arise along the payments chain.
