SWIFT boosts reference data quality
October 4, 2017

SWIFT today announces the availability of Customer Data Validation, a new reference data service from SWIFTRef that helps corporate treasurers validate bank master data against the most accurate and up-to-date payment reference data, available from the SWIFTRef directories.

The Customer Data Validation service, designed by SWIFTRef Consultancy, is a service that uses the SWIFTRef database to assess the quality of bank reference data stored in a corporate's proprietary database, typically used to facilitate payments, by matching and comparing data.

SWIFT says the service provides detailed insights about the accuracy of the back office ERP (enterprise resource planning) bank master database, and also includes suggestions for the addition of correct and up-to-date bank information. The Customer Data Validation service is best utilised in conjunction with the implementation of SWIFTRef Bank Directory for SAPTM or Oracle.

Key benefits include:

Identification of gaps, duplicates and data inaccuracies in the bank master table;

Ensuring payment reference data in the ERP system is accurate and up-to-date to reduce payment failures and related bank charges;

Accurate preparation of the bank master table before a major data or upgrade project.





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SWIFT today announces the availability of Customer Data Validation, a new reference data service from SWIFTRef that helps corporate treasurers validate bank master data against the most accurate and up-to-date payment reference data, available from the SWIFTRef directories.

The Customer Data Validation service, designed by SWIFTRef Consultancy, is a service that uses the SWIFTRef database to assess the quality of bank reference data stored in a corporate's proprietary database, typically used to facilitate payments, by matching and comparing data.

SWIFT says the service provides detailed insights about the accuracy of the back office ERP (enterprise resource planning) bank master database, and also includes suggestions for the addition of correct and up-to-date bank information. The Customer Data Validation service is best utilised in conjunction with the implementation of SWIFTRef Bank Directory for SAPTM or Oracle.

Key benefits include:

Identification of gaps, duplicates and data inaccuracies in the bank master table;

Ensuring payment reference data in the ERP system is accurate and up-to-date to reduce payment failures and related bank charges;

Accurate preparation of the bank master table before a major data or upgrade project.



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