Frictionless case resolution is the latest offering by SWIFTgpi

SWIFT’s in-flight cloud-based payment investigation and resolution service have been launched recently and it is aimed for network-wide usage i.e. 10000 + banks. 

This new capability will initiate dynamic query handling between banks on the SWIFT network, enabling them to quickly resolve instances in which required operational or regulatory information is incorrect or missing from a payment instruction. 

This development is in addition to the Pre-Validation service.  

Service aims to speed up the resolution of operational, compliance and regulatory-related issues that arise along the payments chain. Currently, at 10% of exceptions, these issues can currently take a long time to resolve. These arise from missing or incorrect information – such as the reason for payment or settlement date, or differences in regulatory controls and requirements across jurisdictions – all of which require additional information and validation.

The use of unstructured, unstandardized messages prevents automated processing, resulting in time-consuming and costly processes. To clear these backlogs, banks invest an enormous amount of monetary and human effort to resolve cases that often involve multiple requests and responses across the banks in a payment chain. 

Combining gpi tracking, use of cloud and standardized industry protocols aim is to: 

  • improve transparency
  • shorten resolution time
  • reduce the need for manual interventions
Users will be able to locate any hold-ups via the gpi tracker, as well as identify the beneficiary or intermediary banks that may be causing them.
Using API calls, and the gpi tracker, they will then be able to automatically exchange the required information directly with the relevant banks. For smaller users, a GUI will be provided to handle the case requests and responses.

Future-proofing -

Using a standardized ISO20022 format, the banks will be able to exchange requests and responses in a structured manner – thereby ensuring a more efficient case resolution.
Facilitating 14 inquiry types and covering three payment types (customer credit transfers, financial institution transfers, cover payments) the architecture is designed to make the service future-proof and extendable to cover any field of any payments message.

The solution is developed by Appian in partnership with SWIFT. We are eagerly waiting for more information on this solution.