💣 SWIFT launches solution to optimize investigations of cross-border payment delays

💣 SWIFT launches solution to optimize investigations of cross-border payment delays

SWIFT’s new Case Management Service aims to significantly reduce the costs and time required to resolve payment failures. Thirty global financial institutions have already tested the solution.

▶️ Economic impact:
It is estimated that delays across various technologies and networks cost the financial industry around USD 1.6 billionannually. Leading banks lose more than USD 20 million each year just in fees and penalties.

▶️ How does it work?
The solution leverages the extensive data from the ISO 20022 standard and standardized transaction tracking, improving problem-solving efficiency.

▶️ Expected results:
SWIFT’s new, network-agnostic capabilities could reduce operational and liquidity costs by more than USD 600 million per year and cut case resolution times by up to 80%.

▶️ Coverage:
These benefits apply to all payments that use the UETR (Unique End-to-End Transaction Reference), which provides transparency on the payment’s status and location at every stage.

▶️ Current context:
Today, 90% of transactions processed through SWIFT reach destination banks within an hour, with most being completed automatically. However, delays can still occur when critical information is missing from payment instructions, resulting in investigations that can take 5 to 10 business days to resolve.

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