SWIFT to develop new payment service

The additional service is set to be delivered through the New Payments Platform (NPP), standardised APIs and a centralised account matching solution managed by AP+. Swift’s selection to develop the Confirmation of Payee service for the NPP builds on its knowledge of artificial intelligence (AI) and data services, including Payments Pre-validation for cross-border payments. Representatives from SWIFT underlined their enthusiasm over their collaboration with AP+ and NPP participants to develop this new service for Australian consumers. By making payment safe, instant, and convenient, SWIFT aims to advance its commitment to assist the Australian financial industry in mitigating scammers and fraudulent activities.

Furthermore, according to Australian Payments Plus’s officials, the development of an industry-wide Confirmation of Payee service intends to have a significant role in minimising certain types of scams resulting in a misdirection of payment to the wrong account as well as avoiding mistaken payments being made to incorrect account numbers. AP+ expressed its allegiance to collaborating with the industry to increase the protection for consumers and businesses. The company’s mission is part of a collective effort to combat fraud and scams. The decision to choose SWIFT as a partner in developing the service followed the two organisations’ collaboration that they had in place for several years.

The press release also mentions that the capabilities of the new service are set to be progressively developed and tested throughout 2024, enabling financial institutions to integrate it into their banking channels as of 2025.

As a global member-owned cooperative and a provider of secure financial messaging services, SWIFT aims to offer its community a platform that allows messaging and standards for communicating. The company also delivers products and services that facilitate access and integration, identification, analysis, and regulatory compliance. 

With its operations headquartered in Belgium, SWIFT’s international governance and oversight solidifies the worldwide inclusive character of its cooperative structure. The company’s global office network focuses on ensuring an active presence in all the major financial centres.

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