Financial messaging services provider SWIFT has introduced a business intelligence tool, which gives users insights into their cross-border messaging flows, helping banks to optimize their gpi payment routes.
Image: SWIFT launches new analytics tool. Photo: Courtesy of Markus Spiske/Unsplash.
The business intelligence gpi Observer Analytics tool allows global payments innovation (gpi) banks to gain more business insights into their gpi traffic flows.
The solution’s market and competitive analysis will enable financial institutions to act on reliable and fact-based data to understand the existing itinerary and speed of their payment instructions.
Furthermore, financial institutions can now fine tune their service level agreements with their correspondent banks, resulting in reduced costs and faster payments.
SWIFT said by benchmarking and monitoring gpi payments at country, country corridor, and currency level, financial institutions can see their activity shares, view gpi market practices and identify opportunities for new businesses. It can also help to spot any outliers in cross-border payment flows.
National Australia Bank product development, customer products & services, senior manager Graham Standfield said: “The new SWIFT gpi Observer Analytics tool provides valuable insights into our cross-border gpi payment flows and market share.
“The Observer Analytics data will allow National Australia Bank (NAB) to enhance the international payments experience for our customers through improved payment delivery management with our banking partners.”
The SWIFT business intelligence gpi Observer Analytics tool was subject to a pilot with 17 banks and is now available across all gpi banks.
SWIFT banking head Harry Newman said: “Banks want to have much more information to help them better direct their payment messages. gpi Observer Analytics is designed to give gpi members deeper business insights into their gpi payment flows giving them routing intelligence and allowing them to benchmark against the wider gpi community.”
Last month, SWIFT partnered with van den Berg, a payment solutions for banking institutions, to provide connectivity to van den Berg’s TIPS and RT1 for instant payments within the Single European Payments Area (SEPA).
Through this partnership, van den Berg will offer banks a standardized connectivity package with SWIFT as anetwork service provider.