Treasury Management Internation Logo

SWIFT enhances reference data quality for treasurers

Published 
  • SWIFTRef’s new Customer Data Validation service supports corporate treasury teams by assessing and validating payments reference data

Barcelona – SWIFT announces the availability of Customer Data Validation, a new reference data service from SWIFTRef that helps corporate treasurers validate bank master data against the most accurate and up-to-date payment reference data, available from the SWIFTRef directories.

The Customer Data Validation service, designed by SWIFTRef Consultancy, is a service that uses the SWIFTRef database to assess the quality of bank reference data stored in a corporate’s proprietary database, typically used to facilitate payments, by matching and comparing data. The service provides detailed insights about the accuracy of the back office ERP bank master database, and also includes suggestions for the addition of correct and up-to-date bank information. The Customer Data Validation service is best utilised in conjunction with the implementation of SWIFTRef Bank Directory for SAPTM or Oracle.

Key benefits include:

  • Identification of gaps, duplicates and data inaccuracies in the bank master table
  • Ensuring payment reference data in the ERP system is accurate and up-to-date to reduce payment failures and related bank charges
  • Accurate preparation of the bank master table before a major data or upgrade project

“High quality reference data is in great demand from corporate treasurers, says Hervé Valentin, Head of SWIFTRef at SWIFT. “Corporates consume payments reference data to help ensure that all outgoing payments get to their correct destinations. However, bank data in corporate systems can suffer from common errors, such as mistyped information, using unverified supplied data or using data from unreliable sources, which affects payment instructions, potentially delaying the payment or other issues. The Customer Data Validation service eliminates this burden by evaluating databases and providing the most up-to-date and accurate information to treasury systems that can lose accuracy over time and hinder straight-through-processing of payments.”

The Customer Data Validation service is part of the reference data products and services portfolio that SWIFTRef offers corporates, particularly related to SEPA and international payments. The services come in a variety of corporate packs, which include national bank codes and SWIFT BIC pairings, bank names and address details and much more. Data can be consumed via flat files that can be integrated into ERP systems or via online look-up tools and APIs. SWIFTRef directories and services are available to corporates of all sizes, across all industries, regardless of a SWIFT connectivity.
 

Most recent episodes

The Future of ESG in Treasury

In this podcast, Melissa Moi, Peter Jameson and Venkat ES from Bank of America join TMI’s Eleanor Hill to determine where the ESG journey is heading next. Our expert panel consider how changing regulation, technology solutions and metrics including ESG KPIs...

26:50

HSBC’s Sibos Spotlight: Investing in the Future – from Diversity to Green Deposits

In the final instalment of HSBC’s Sibos Spotlight, Eleanor Hill (TMI) invites Nadine Lagarmitte and Suraj Kalati (HSBC) to consider how corporates’ attitudes to...

25:12

HSBC’s Sibos Spotlight: The ESG Landscape – what every treasurer needs to know

In the third edition of HSBC’s Sibos Spotlight Podcast series, TMI’s Eleanor Hill invites Farnam Bidgoli (HSBC) to provide an in-depth overview of the current ESG...

16:24

The Path to Transformational Global Cash Visibility

Davina Bradley (CEVA Logistics) and Conor Deegan (CashAnalytics) join TMI’s Eleanor Hill to explore how treasurers can transform their cash visibility and forecasting within their business in a matter of weeks using a...

33:16

HSBC’s Sibos Spotlight: Embedding ESG in Trade and Supply Chains

In the second podcast from HSBC’s Sibos Spotlight series, TMI’s Eleanor Hill speaks to Surath Sengupta (HSBC) about embedding ESG into trade and supply chains....

20:58

Lost in Transaction: Overcoming Payments Pitfalls

From simple errors to duplicates, fraud and sanctions violations, there are a number of areas where payments can go wrong – especially in the real-time environment. In this podcast, TMI speaks to Andrew Ferrao...

34:25

HSBC's Sibos Spotlight: Central Bank Digital Currencies

The first edition of HSBC’s Sibos Spotlight series sees TMI’s Eleanor Hill joined by Mark Williamson and James Pomeroy (HSBC) to discuss the hot topic of Central Bank Digital Currencies (CBDCs). Our guests discuss...

25:48

Payments Vision 2025: The Inside Track

Wim Grosemans, Steven Lenaerts (BNP Paribas) and Wim Raymaekers (SWIFT) join TMI’s Eleanor Hill to outline their vision for the payments landscape in 2025. Our guests consider how recent developments such as instant...

28:21

Stepping Out from the Shadows

“Treasurers needs to step out of the shadows and into the sunshine in terms of their strategic contribution.” claims Zitah McMillan, Co-Founder and CEO, Predictive Black. In this podcast, hosted by TMI’s Eleanor Hill, our guest declares that the...

16:54

Why the ‘One Size Fits All’ Approach is Outdated - A Cash Segmentation Treasury Masterclass

With the ongoing low interest-rate environment and increasing regulatory change, it’s more important than ever for treasurers...

23:55