SWIFT has announced the availability of Customer Data Validation, a new reference data service from SWIFTRef that helps corporate treasurers validate bank master data against the most accurate and up-to-date payment reference data, available from the SWIFTRef directories.
The Customer Data Validation service, designed by SWIFTRef Consultancy, is a service that uses the SWIFTRef database to assess the quality of bank reference data stored in a corporate’s proprietary database, typically used to facilitate payments, by matching and comparing data. The service provides detailed insights about the accuracy of the back office ERP bank master database, and also includes suggestions for the addition of correct and up-to-date bank information. The Customer Data Validation service is best utilised in conjunction with the implementation of SWIFTRef Bank Directory for SAPTM or Oracle.
Key benefits include:
- Identification of gaps, duplicates and data inaccuracies in the bank master table
- Ensuring payment reference data in the ERP system is accurate and up-to-date to reduce payment failures and related bank charges
- Accurate preparation of the bank master table before a major data or upgrade project
“High quality reference data is in great demand from corporate treasurers, says Hervé Valentin, Head of SWIFTRef at SWIFT. “Corporates consume payments reference data to help ensure that all outgoing payments get to their correct destinations. However, bank data in corporate systems can suffer from common errors, such as mistyped information, using unverified supplied data or using data from unreliable sources, which affects payment instructions, potentially delaying the payment or other issues. The Customer Data Validation service eliminates this burden by evaluating databases and providing the most up-to-date and accurate information to treasury systems that can lose accuracy over time and hinder straight-through-processing of payments.”