SWIFT Payment Controls are being launched to help payment operations teams mitigate fraud risk in real-time.
In particular, Payment Controls’ complements SWIFT’s anti-fraud services by allowing real-time monitoring, alerting and blocking
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According to SWIFT Payment Controls may be set to flag, hold, release or reject high-risk or uncharacteristic payments in real-time, according to business needs. Initially targeted at smaller financial institutions, the utility service is hosted in the SWIFT cloud to allow users immediate access, with no hardware or software installation or maintenance.
The service bolsters SWIFT’s global payments innovation (gpi), launched last year.
Swift Payment Controls: Stop and recall capability
As part of gpi, and to further strengthen customer defences, SWIFT will introduce a new ‘stop and recall’ capability.
This will enable banks to immediately stop and recall a payment anywhere in the chain.
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By GlobalDataLuc Meurant, Chief Marketing Officer at SWIFT, said: “The growing threat of cyberattacks has never been more pressing. Banks need to be able to verify the integrity of payments in real time.
“Payment Controls demonstrates our commitment to playing our part in protecting the security of the wider financial services industry. I am confident that the new service will be an important weapon in the fight against fraud.”
Mark McNulty, Global Clearing and FI payments Head, at Citi, said: “Putting the right security tools in place is vital for any bank in mitigating payment fraud risk.
“The launch of SWIFT’s Payment Controls service is a very welcome step towards reinforcing and safeguarding the security of our ecosystem.
“For banks, it screens transactions in-flight and flags, holds or rejects transactions based on risk policies – ultimately protecting their operations, fighting cyber-crime and making the community safer for everyone.”
Patricio Melo, Executive Vice President of Technology and Operations at Banco Davivienda, added: “We are confident that our system will not only be better protected from fraud risk, but allow us to then deliver a trusted service to our clients
