Swift launches Case Management for cross-border payment investigations

According to the company, financial institutions spend over USD 1.6 billion yearly on processes to investigate payments that get held up, which can occur regardless of the technology or network used. Large banks could incur more than USD 20 million annually in fees and penalties.

Research from Swift shows that its new solution has the potential to cut the industry’s operational and liquidity costs in this area, and reduce the time it takes to resolve them by 80%. These advantages could be extended to include any payments that leverage a unique end-to-end transaction reference (UETR).

Managing cross-border transaction delays

As the speed of cross-border payments increased significantly and are automatically processed, delays that arise due to missing information can take up to ten working days to be investigated and resolved. Swift’s Case Management solution tackles this challenge by leveraging ISO 20022 data and the UETR standard to offer transparency and interoperability across networks. By capturing information centrally, it reduces the number of manual touchpoints typically involved in an investigation between sending and receiving institutions.

The solution aims to help the community improve efficiency, time, and costs, offering a better experience for the customers. The company is committed to interoperating an increasingly complex financial ecosystem by extending the benefits of its solutions across networks. Swift is working to deliver instant and frictionless cross-border transactions, in line with the G20’s roadmap. Case Management is part of a suite of solutions available to Swift customers that help address friction in cross-border transactions.

With faster resolution times and greater transparency into the status of investigations, companies can improve their customers’ experience and reduce operational costs and liquidity. Case Management delivers data quality and accuracy through orchestration capabilities.