A groundbreaking solution to streamline payment investigations, reduce costs, and enhance customer experience
Highlights:
- Swift’s new tool standardizes payment investigation processes, leveraging ISO 20022 data and UETR standards for transparency.
- The solution could save the financial industry over $600 million annually and reduce resolution times by up to 80%.
- Enhanced efficiency and transparency aim to improve customer experience and cut operational costs.
Summary: Swift has introduced a cutting-edge case management tool designed to address inefficiencies in investigating late payments. By utilizing ISO 20022 data and the unique end-to-end transaction reference (UETR) standard, the tool offers transparency and interoperability across networks.
This innovation is expected to save the financial industry over $600 million annually in operational and liquidity costs while reducing resolution times by up to 80%. The streamlined process eliminates manual touchpoints, enhancing efficiency and customer satisfaction. Swift’s solution marks a significant step forward in managing payment investigations effectively.
