Swift has launched a new automated reference data delivery channel called SWIFTRef APIs. The new channel enables financial institutions 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. 12 SWIFTRef APIs are available covering key industry identifiers, including BICs, LEIs, IBANs, settlement instructions and national bank codes. By using these APIs, financial institutions 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” says Herve Valentin, head of Reference Data, SWIFT. “SWIFTRef APIs offer financial institutions 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,” says Kimmo Veistola, manager, Cash management at 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.
In addition to expanding its delivery channels, SWIFTRef continues to enrich its data offering through the availability of new directories. In 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, (e.g. BIC, LEI, GIIN). In a second phase, the product will provide hierarchical and ownership information to assist with risk exposure and risk management.
