Trade related payment messages sent via SWIFT can now be screened using a new real-time payment controls service announced by the online messaging platform.
Messages can be screened according to users’ own chosen parameters, enabling them to immediately detect any unusual message flows before transmission.
The new fraud and cyber-crime prevention service can be integrated directly into existing SWIFT messaging flows, and is designed to significantly enhance users’ ability to control their messaging activity.
The service also aims to help users detect unusual or uncharacteristic payment patterns, and improve their ability to prevent fraudulent transfer requests.
Users will be able to define and control their screening parameters according to their own risk and compliance policies.
Initially targeted at smaller financial institutions and central banks, users will be able to use the new service instantly, with no new hardware or software installation necessary.
The service will develop a profile of each SWIFT user’s message traffic based on its specific business activities and the countries, counterparties and currencies it is typically involved with.
The new payment controls service is part of SWIFT’s Customer Security Programme, which launched in May 2016 and is designed to reinforce and evolve the security of global banking.
Categories: Trade Based Financial crimes News