SwiftRef to Tackle Payments Data Challenge
Swift, the financial messaging provider, will launch SwiftRef, a set of products aiming to eliminate payment errors arising from poor data quality while raising straight-through processing (STP), in January 2012.
According to Swift, poor reference data is to blame for 30% of non-STP payments, while manual intervention to correct payment details can cost between €20 and €40 per case.
Swift's suite of products will allow users to identify their payment counterparties in a one-stop shop via the
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