SWIFT Alliance Audit

Swift Essentials Integration Solutions

What is Swift Essentials?

Swift Essentials is a bundled offering from SWIFT containing key services that is meant to help its users improve the speed and reliability of their cross-border transactions as well as better monitor processes, verify data accuracy, and track payments.

What new realities – and opportunities – does Swift Essentials bring?

All SWIFT members (banks and FIs) automatically receive access to this wider suite of solutions – Swift Essentials. As such, there is strong incentive for members to integrate these solutions into their operations and enjoy the benefits they confer. A reputable service provider can help provide seamless integration with SWIFT’s user interface, and future-proof for further mandatory upgrades, for the following features below.

Swift GPI

The Swift Global Payment Initiative, or GPI, was launched to ensure quicker cross-border payments and full transparency on accompanying cost, while providing on-the-spot information on the status of the transactions, thus improving customer experience.

With the Swift GPI Tracker, banks can know:

When is the payment carried out?
How much does it cost to make the payment?
Where is the payment?
How is the payment identified?

With the SWIFT GPI API services replacing the MT199 custom non-payment communication tool, more advanced information can be shared with the possibility of allowing corporate clients to access full details of their international payments.

Swift Payment Pre-Validation

Swift Payment Pre-Validation is a service designed to validate cross-border payment instructions early in the payment process. This service is particularly useful for debtor banks or payment-initiating end-customers who want to ensure the accuracy of payment elements before proceeding with the transaction.

The Payment Pre-Validation API provides a contextual validation service that orchestrates multiple validations based on the provided elements. These elements include:

Debtor Agent Country
Creditor Agent Country
Creditor Account
Instructed Currency
Instructed Amount

This service allows for the integration of new validations of additional elements in the future.

SwiftRef

SWIFTRef is SWIFT’s unique reference data and financial information service, offering financial institutions, corporates, and financial services providers a single and unique source of payments reference data. With SWIFTRef, payment systems will be able to easily validate payment instructions and select appropriate routing for messages.

SwiftRef APIs offer financial institutions, corporates, and third-party service providers an automated data look-up service for real-time identification and validation of payments reference data. These APIs are designed to be embedded into customer applications, by providing greater rate of payments straight-through processing and improve customer experience.  With SwiftRef APIs, users can benefit from easy access to an accurate and complete set of reference data.

How can NewGens help?

With NewGens’ proprietary Swift Essentials Integration Solutions (EIS), we provide implementation services as well as on-going support packages to ensure that our customers’ back-office legacy applications can access the SWIFT network, allowing them to take advantage of these key Swift Essential features without undue disruption to their current processes.