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SWIFT Translator

25.01.18

SWIFT Translator

Financial institutions do not always exchange information in the same format. For instance in the corporate-to-bank or securities services space, a client can exchange proprietary or domestic files in a different format than the provider is expecting, or vice versa.

In addition, the majority of financial institutions will soon have to replace their current messaging formats as a result of the migration to, or planned implementation of, ISO 20022 standards by several important financial market infrastructures. The cross-border migration to ISO 20022 messaging standards will further impact the way financial institutions around the globe exchange information.

SWIFT Translator is a messaging format translation solution which allows customers to define, validate, and translate messages from and to messaging formats as specified in this service description. As the SWIFT Translator solution is network and interface independent, it can be deployed and integrated in a flexible manner.

On top of format translation, SWIFT Translator complements MyStandards benefits in solving standards format related issues.

Users can:

  • Reuse MyStandards usage guidelines as a source or target format, reducing time and effort spent in format definition and validation,
  • Define and document their proprietary/non-SWIFT formats on MyStandards

SWIFT Translator is composed of two components: a Designer and a Runtime.

SWIFT Translator Designer

SWIFT Translator Designer is an offline software solution offering a Graphical User Interface that allows the customer to perform a number of actions, including:

  • Format definition: the customer defines a source and destination format either from scratch (CSV, XML, proprietary) and/or reuse formats from a predefined library (for example: MT 103, pain.001.001.03) and/or reuse usage guidelines defined on MyStandards.
  • Mapping definition: the customer defines the mapping between the source and the destination format which can be one-to-one, one-to-many, many-to-many, etc.
  • Validation rules: the customer defines a set of rules to perform validation on the message instance against the format and/or mapping defined.
  • Test and validation: the customer tests and validates the format, mapping, and rules previously defined.
  • Enrichment: the customer can enrich the mapping rules based, for example, on additional rules or external database.
  • Service build and exposition: the customer builds an exposed service called "SWIFT Translator Runtime".

SWIFT Translator Designer can also be used by MyStandards customers to define, publish, and share their proprietary/non-SWIFT formats on MyStandards.

SWIFT Translator Runtime

SWIFT Translator Runtime is a Java-based software component that is deployed by the customers within their own environment. It provides a number of operations allowing the customer to perform:

  • Message format translation. The customer can convert one or more messages in a specified supported format into one or more messages (depending on whether the mapping definition is one-to-one, one-to-many, many-to-many, etc.).
  • Message validation. The Runtime component can perform a validation of the converted message as well as of the defined mapping rules. The message validation can be embedded or independent from the message conversion. If this is embedded, the customer will receive an error report if the validation failed. If the validation is separated, the customer supplies the text of a message and receives an error report if the message is invalid against the validation rules.
  • Message enrichment, if applicable. As part of message conversion, the customer supplies the text of one or more messages and receives one or more messages enriched (depending on whether the mapping definition is one-to-one, one-to-many, many-to-many, etc.).
 
Written by

Alliance Warehouse

24.01.18

Alliance Warehouse

Alliance Warehouse - Store financial messages and files for as long as you need

Whether you’re building a list of messages for an auditor or regulator, or need quick access to details of a single transaction, how and where your financial transactions are stored can mean the difference between hours of work and a just few clicks.

Alliance Warehouse is SWIFT’s complete message storage solution. Designed specifically for long-term archiving and day-to-day investigations, it automatically stores all of your financial messages and files in a single, secure repository for as long as you need.

Thanks to its powerful free-text search tool and extensive search criteria, querying your data is simple and fast, meaning you can conclude investigations in real time. Out-of-the-box integration with your Alliance interface gets you set up and ready to go without disrupting your day-to-day operations. And, with its limitless capacity, you can keep a full and true record of every payment.

Features and functionality

Alliance Warehouse is a single solution for all your financial messages and file archiving needs. It provides:

  • Complete, unlimited storage for all of your messages and FileAct files for as long as you need them.
  • Tamper-protected archiving with SWIFT security standards, meaning you can be confident that your data is complete, unaltered and trustworthy.
  • 24/7 availability to quickly interrogate data at any time from multiple sources configured to meet your needs. • Intuitive free-text search functionality to quickly answer questions from regulators, auditors, management and your customers.
  • A light implementation footprint and the ability to integrate seamlessly with other Alliance products out-of-the-box.

Benefits

Alliance Warehouse gives you complete, any-time access to all of your transaction data, allowing you to:

  • store all your financial messages and files in one place
  • find any message or file in seconds
  • provide clear audit trails to your auditors, regulators, customers and counterparties
  • reduce the time and resources you spend investigating errors
  • see the complete picture of your message and file history, from payments sent years ago to those actioned in the last few minutes
  • be confident that your data is complete, secure, and trustworthy
  • give your customer-facing staff the ability to answer questions from customers in real time
 
Written by

KYC Adverse Media

22.01.18

KYC Adverse Media

Banks that are using data to support their KYC checks are also able to view adverse media linked to the entity via KYC registry.

KYC Adverse Media is a global source of media news and reporting on financial institutions. The solution helps banks improve the efficiency of customer due diligence (CDD / EDD), maintains transparency in relations with correspondent banks, and reduces the costs and risks associated with KYC data.

This is publicly available information through SWIFT’s partnership with one of the world’s premier reporting services, Dow Jones Risk & Compliance. This service links globally-reported negative news stories and regulators’ notes to the relevant legal entity in the Registry, enabling a fast and comprehensive review for all customers due diligence needs.

 
Written by

Name Screening

18.01.18

Name Screening

This powerful solution combines centralized list management and advanced features for accurate and cost-effective customer and vendor screening – so you know who you’re doing business with.

Financial institutions must comply with stringent obligations around Sanctions and Know Your Customer regulations. This requires upfront due diligence during customer onboarding and ongoing checks against lists of sanctioned organisations and individuals, Politically Exposed Persons (PEPs) and Relatives and Close Associates (RCAs).

Increasingly, too, corporations must screen customers and suppliers for due diligence. But screening can be a complex and labour-intensive task, involving maintenance of multiple lists and regular screening of high volumes of data.

Our hosted Name Screening service automates these checks: lists are maintained centrally and updated promptly and Name Screening can handle large databases with ease, as well as providing easy online look-up for individual searches.

What lists does Name Screening use?

  • International sanctions
  • Politically Exposed Persons – PEP
  • Rellatives and Close Associated – RCA
  • Sanctions Ownership Research – SOR
  • Negative news (Dow Jones Adverse Media Screening)

Name Screening is offered in two models – online and offline.

I. Online – initial instant check of individuals and legal entities with the result in real time

Inspections can be carried out without exception both for customers and for contractors, suppliers, developers, employees, etc. The information is registered in the Logbook.

Optional list packages:

  1. Only public lists of sanctions.
  2. Lists of sanctions + Ownership Research + PEP.
  3. Lists of sanctions + Ownership Research + PEP + Adverse Media *.
    + private list that the user maintains and updates independently

II. Offline customer base check on a regular basis – Batch

SWIFT provides:

  1. Regular updating of all lists.
  2. Reporting by verified names / titles.
  3. Support for the service.
  4. 24/7 user support.
Written by

Payment Controls

16.01.18

 

Payment Controls

In 2016, SWIFT launched a Customer Security Program (CSP) to increase the security of the infrastructure associated with SWIFT and improve cyber risk management processes.

CSP is based on three actions: 1) customers must secure and protect their local SWIFT-related infrastructure; 2) to prevent and identify possible fraud in commercial relations with counterparties; 3) share information and be prepared for future cyber threats in collaboration with others.

As part of the Customer Security Program SWIFT offers new services, the sharing of which, together with the implementation of security controls, will provide the necessary measures to detect suspicious operations and fight against cybercrime:

  • Relationship Management Application (RMA) plays an important part in supporting communication between different financial institutions. The RMA is a SWIFT-mandated filter that enables financial institutions to define which counterparties can send them FIN messages. Any unwanted traffic is blocked at the sender level, reducing the operational risks associated with handling unwanted messages and providing a first line of defense against fraud.
  • Daily Validation Reports is a daily analytical report that allows SWIFT clients to analyze their transactional activities and determine potential risks in payments based on bank payment behavior patterns.
  • Payment Controls is a service for controlling SWIFT transactions that helps customers timely detect and prevent high-risk payments at the SWIFT network level (after the transaction has left the bank’s infrastructure) based on personal parameters and rules.

Payment Controls is an important part of SWIFT’s Customer Security Programme, a community-driven initiative that is enhancing cyber security for the global financial industry. The service helps to identify unusual behavior when making payments, even if the attackers damaged the system, database and log files.

Payment Controls combines real-time monitoring of payments received, blocking suspicious transactions and daily reporting of all SWIFT payments. It helps institutions detect and prevent high risk payments and mitigate business disruption, and financial losses in the event of back-office compromise.

Payment Controls monitors the payments you send and can block these in real time to prevent fraud. High risk and out of policy payments are alerted instantly, enabling you to act quickly to prevent losses.

Messages can be customized for different scenarios, for example:

  • Business calendars: Payments sent on non-business days or outside of normal business hours.
  • Threshold: Payments that are high risk or fall outside of business policy, based upon individual payment value or aggregate value/volume.
  • Profiles: Payment behavior that is uncharacteristic, based on past learned behavior.
  • New scenarios: Payments sent through or to new institutions, in new currencies or using previously unseen message type.
  • Account monitoring: Payments to/from high-risk beneficiary /originator customer accounts or payments to/from accounts that are not present on a subscriber-defined «accept list».
  • Badly formed messages: Payments that are preceded by elevated/ repetitive NACKs to the same beneficiary customer account.

You can configure any rule in one of three operational modes:

  • Manual review mode: The triggering payment message will be held in-network by the service and an alert will be generated for your review and investigation. You decide whether to abort the message or release it for delivery.
  • Alert-only mode: The triggering payment message will be delivered to your receiver without interruption, and an alert will be generated simultaneously. You can investigate this alert and undertake any necessary response and recovery actions.
  • Auto-action mode: The triggering payment message will be automatically aborted and an alert will be generated simultaneously.

Reporting is provided by two daily reports:

  • Validate activity: Quickly assess and validate inbound and outbound payment flows. Daily activity is aggregated by message type, currency, country and counterparty, enabling easy comparison with internal reports from core systems. Daily value and transaction references help you match individual transactions for more detailed validation.
  • Assess risk: Highlight large or unusual message flows that may indicate fraud risks. You can review new or unfamiliar counterparties or counterparty combinations, including nested activity. Transactions sent or received outside of user-defined business hours are highlighted.
    Payment Controls covers MT 103, MT 202, MT 202COV, MT 205, MT 205COV. * MT 101 is scheduled for implementation in 2019. Outgoing payments are processed for notifications. Both incoming and outgoing payments are processed for reporting.

SWIFT recognized Ukraine as a priority country in the fight against cybercrime and developed special subscription conditions for us. This means that Ukrainian banks will be able to enjoy the privileges of a reduced price when ordering a service for the next six months. In Ukraine, there is already the first bank that ordered Payment Controls.

Written by

SWIFT gpi

15.01.18

SWIFT gpi image 1

SWIFT gpi is a global SWIFT initiative that was launched in January 2017 to make real-time payments. This service has dramatically improved the experience of crossborder payments, greatly increasing their speed, transparency and tracking.
More than 165 banks, representing 80% of SWIFT’s cross-border payments traffic, and including 49 of the world's top 50 banks, have signed up to the service. Several Ukrainian banks have already ordered the service SWIFT gpi and plan to implement it in the current year. It is set to be the standard for all cross-border payments made on the SWIFT network by the end of 2020.

Speed

SWIFT gpi lets you make high-speed cross-border payments, timed in minutes or even seconds.
Nearly 50% of gpi payments are credited to end beneficiaries within 30 minutes, and almost 100% of gpi payments are credited within 24 hours. This delivers immediate benefits to global trade – corporates globally can significantly shorten their supply cycles, ship goods faster and reduce their exposure to FX risks.

Traceability

SWIFT gpi lets you track the status of your payments from start to finish in real-time – like a parcel.
This allows corporates to significantly improve their cash forecasting and liquidity optimization. And corporates can further speed up their supply cycles with instant credit confirmations.

Transparency

SWIFT gpi gives you transparency over the bank fees charged and FX rates applied to your cross-border payments.
With gpi, the final amount paid to the beneficiary is confirmed in real-time, significantly increases the clarity companies have over their operational costs.

Certainty

SWIFT gpi gives you certainty over the remittance information you send in your cross-border payment instructions.
With gpi, the remittance data that corporates send with their payments is guaranteed to be unaltered when it arrives with the end beneficiary. Beneficiaries can then easily reconcile gpi payments against invoices, speeding up their supply cycles. 

SWIFTRef

23.01.18

SWIFTRef

If …


 
 

You are a

  • Financial institution
  • Corporation
  • Financial services provider
  • Software company

 

Looking for

  • Accurate SWIFT BICs
  • Detailed financial information about counterparty banks
  • Standard Settlement Instructions (SSIs)
  • Payments routing data
  • Financial institutions’ membership in national and international clearing & settlements systems
  • Currency codes and detailed country information
  • Legal Entity Identifiers (LEIs)
  • Worldwide national bank identification codes
  • IBAN validation tools
  • BBAN-to-IBAN conversion tools
  • Bank holidays & opening hours
 

Wishing to…………………

  • Build an accurate Bank Master File
  • Significantly improve STP rates of payments and direct debits
  • Save time and money on payments investigations and repairs
  • Correct identify trade counterparties in regulatory reports
  • Evaluate counterparty risk
  • Maintain customer satisfaction andbuild on your reputation

But struggling to

  • Collect these financial identifiers
  • and data from a multitude of
  • central banks, code-issuers and
  • counterparties worldwide
  • Keep this data constantly
  • up-to-date

 

Then, SWIFT has exactly what you need!

 

Sanctions Screening

17.01.18

 

SWIFT Sanction Screening new

 

Sanctions screening

A simple solution for your transaction screening needs

In close cooperation with banking Community SWIFT has developed a fully-managed, securely-hosted service that screens your incoming and outgoing messages against the latest sanctions lists and instantly alerts you to any matches.

Real-time, up-to-date screening

With SWIFT’s Sanctions Screening, your messages are screened in real-time against up-to-date and comprehensive sanctions lists. At the moment more than 56 lists, including OFAC, United Nations, European Union, HMT, SSFM of Ukraine, RNBO are loaded in the system and are updated automatically.

Ready to deploy and use

Sanctions Screening is a fully-managed service yet with virtually no software to install that allows your institution to be up and running quickly.

Flexible set-up and reporting options

You can choose real-time screening of all structured message formats, (including FIN, ISO 20022, SEPA and non-SWIFT formats) and opt for just your incoming or outgoing FIN messages, international or domestic business flows.

Independent quality assurance

For added reassurance, SWIFT publishes the regular independent reports of Sanctions Screening effectiveness. These reports provide transparency around filter capabilities,generic and user-specific filter configuration settings. The independent reports are available to users.

Find more details about SWIFT Sanctions Screening service on dontgetbitten.com

KYC

19.01.18

KYC Registry

img KYC logoBusiness activity of financial institutions is always inseparably linked to the regular and constant communications within the financial market.  Correspondent banking relationships are no exception in this matter. The banks have to audit those financial institutions which they plan to cooperate with.

There are more than 1.3 million bilateral correspondent relationships across the industry. The lack of a single, standardized, on-demand source for validated, up-to date KYC information leads to massive numbers of document exchanges, and a huge amount of duplicated effort and cost for the industry.

That’s a huge administrative pressure on the banks to source and to update the same Know Your Customer information, from the same counterparties and correspondents, for the same due diligence procedures.

SWIFT has developed KYC Registry (Know Your Correspondent) global database to facilitate its users with this difficult task. KYC Registry is a new global utility in SWIFT Compliance services portfolio: http://complianceservices.swift.com/

KYC Registry product went live in late December 2014. 7000 banks which establish and maintain correspondent relationships through SWIFT network were involved in SWIFT KYC Registry service subscription and posting their banking information.

Global joint development of SWIFT and 12 largest banks provides the following benefits:

  • Access to KYC database of documentation worldwide.
  • Safe storage of your own KYC information and supporting documents.
  • Verification and selection of the KYC data by SWIFT for high efficiency.
  • Unique value-added information (SWIFT Profile) provides a neutral and factual snapshot of your exposure to sanctions risk via your FI network.

Read more about the KYC Registry's features: KYC Registry factsheet

If your bank is ready to join SWIFT KYC Registry, please follow the instruction: KYC Registry Implementation guide

View how-to videos

The data contribution to SWIFT KYC Registry is always free of charge for any Customer.

Participation in KYC procedures is extremely welcome by all the international banking community as the evidence of business transparency of KYC Bank-participant, its willingness to cooperate with correspondents, ability to carry out the due diligence procedures effectively and efficiently which is especially important in the current banking sector realities.

We are ready to support all your initiatives and are open to communication.