SWIFT Solution Targets Fraudulent Payments
SWIFT has announced the introduction of Payment Controls, an in-network solution to combat fraudulent payments, and to help strengthen its customers’ existing security.
Payment Controls helps payment operations teams mitigate fraud risk in real-time through its unique alerting and reporting capabilities. The service 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.
Payment Controls is a safeguard for firms as the frequency and speed of payments increases. The service bolsters SWIFT’s global payments innovation (gpi) – the new standard in global payments, which has dramatically improved cross-border payments since it was launched last year.