SWIFT Rolls Out New Customer Protection Utility, Fortifying Cyberdefenses

Thursday, 13/04/2017 | 09:17 GMT by Jeff Patterson
  • The new utility will help fortify existing fraud controls for SWIFT customers.
SWIFT Rolls Out New Customer Protection Utility, Fortifying Cyberdefenses
SWIFT

SWIFT, a global provider of financial messaging services, has unveiled a new real-time payment controls service for its customers in a bid to help combat cyber threats. The new utility will help fortify existing fraud controls, serving as a first point of defense against hacks.

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In particular, the fraud and cyber-crime prevention service will help enable SWIFT customers to screen their payment messages. This will be filtered through a selected list of parameters, which allows clients to immediately detect any unusual message flows before transmission. The service can be integrated directly into their SWIFT messaging flows, whereby enhancing their respective ability to control their messaging activity,

With the specter of cyber threats on the uptick in 2017, the new controls service is SWIFT’s latest answer in strengthening its defense against this type of activity. Last year the group was doubling its efforts, especially in the aftermath of high profile hacks. The new offering will initially be targeting smaller financial institutions and central banks, however SWIFT will eventually be rolling out the service on a broader scale and as a hosted utility solution, which will allow SWIFT users to access it instantly.

Moreover, the service will help develop a profile of each SWIFT user’s message traffic based on its specific business activities and the countries, counterparties and currencies it is typically involved with. According to Yawar Shah, Chairman, SWIFT in a statement on the development, “The new payment controls service is a direct response to our community’s request for additional services to complement and strengthen existing fraud controls.”

Luc Meurant

“Through the development of new products, like the payment controls service and the roll out of the broader Customer Security Programme, SWIFT is demonstrating its commitment to delivering innovative community-based solutions that significantly enhance Risk Management in cross-border Payments ,” he added.

“Combatting fraud and cyber-crime is a top priority for SWIFT and its customers. Our new payment controls service is an important step in delivering a full suite of hosted offerings that address our customers’ needs in the fraud and cyber-crime prevention areas, as well as in the sanctions, Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance domains,” explained Luc Meurant, Head of Financial Crime Compliance Services, SWIFT.

SWIFT, a global provider of financial messaging services, has unveiled a new real-time payment controls service for its customers in a bid to help combat cyber threats. The new utility will help fortify existing fraud controls, serving as a first point of defense against hacks.

The London Summit 2017 is coming, get involved!

In particular, the fraud and cyber-crime prevention service will help enable SWIFT customers to screen their payment messages. This will be filtered through a selected list of parameters, which allows clients to immediately detect any unusual message flows before transmission. The service can be integrated directly into their SWIFT messaging flows, whereby enhancing their respective ability to control their messaging activity,

With the specter of cyber threats on the uptick in 2017, the new controls service is SWIFT’s latest answer in strengthening its defense against this type of activity. Last year the group was doubling its efforts, especially in the aftermath of high profile hacks. The new offering will initially be targeting smaller financial institutions and central banks, however SWIFT will eventually be rolling out the service on a broader scale and as a hosted utility solution, which will allow SWIFT users to access it instantly.

Moreover, the service will help develop a profile of each SWIFT user’s message traffic based on its specific business activities and the countries, counterparties and currencies it is typically involved with. According to Yawar Shah, Chairman, SWIFT in a statement on the development, “The new payment controls service is a direct response to our community’s request for additional services to complement and strengthen existing fraud controls.”

Luc Meurant

“Through the development of new products, like the payment controls service and the roll out of the broader Customer Security Programme, SWIFT is demonstrating its commitment to delivering innovative community-based solutions that significantly enhance Risk Management in cross-border Payments ,” he added.

“Combatting fraud and cyber-crime is a top priority for SWIFT and its customers. Our new payment controls service is an important step in delivering a full suite of hosted offerings that address our customers’ needs in the fraud and cyber-crime prevention areas, as well as in the sanctions, Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance domains,” explained Luc Meurant, Head of Financial Crime Compliance Services, SWIFT.

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