SWIFT announced today that 17 financial institutions and two corporates have committed to implement the SWIFTNet Exceptions & Investigations (E&I) solution which is live since 8 September. E&I provides a comprehensive set of messaging standards to streamline management of payments-related enquiries Industry business cases indicate up to 60% of payments-related enquiries can be automated.
The original pilots, ABN AMRO, ANZ, Bank Austria Creditanstalt AG, Banque Nationale du Canada and JPMorgan Chase) are now joined by eleven additional financial institutions and two corporates that have committed to implement the solution -by the first quarter of 2007: Banco Popular, The Bank of New York, Barclays, Banca Intesa, Caisse Centrale Desjardins, Caja Madrid, KBC, Mellon Bank, Standard Chartered, The Royal Bank of Scotland, Wachovia as well as Dupont and General Electric. Together they represent around 24% of the SWIFT payments volume which already represents critical mass for the E&I solution.
Thomas Halpin, Senior Vice President, US Dollar Clearing Product Company Executive, JPMorgan Chase, comments, âNow that the SWIFTNet E&I solution has successfully reached production status, we and the rest of the banking community look forward to realising the substantial benefits it promises.â
Catherine Banneux, Senior Product Manager SWIFTNet Cash Management Portfolio, Banking Industry Division, remarks, âWe are confident banks and corporates will rapidly adopt E&I as they recognise it as a valuable tool for responding to payments related risk management issues. Customers will also be able to benefit from shorter turnaround times facilitated by a new generation of online "customer-self-service" offerings that incorporate the highest level of security.â