Enhanced accuracy and automation to process cross-border payments seamlessly from onboarding data validation to routing
Accuity, the global financial crime compliance, payments and KYC solutions provider, today announces the release of the Bankers Almanac Global Payments Web Service 2.0. With faster performance, new types of reference information, and increased security, this enhanced solution helps clients to process payments with greater accuracy and automation.
According to a 2017 industry survey, 53% of banks want to reduce the cost, time and effort it takes to process payments. However, they are also pressured to provide fast, innovative and reliable payments experiences for their clients, while addressing these operational concerns. Bankers Almanac Global Payments Web Service 2.0 allows payment services providers (including established financial institutions and emerging PSPs) to meet these competing challenges with source-verified reference data offered through an easily accessible API. Enabling new mechanisms for automation, integrating this tool into front or back office processes requires minimal resources.
In an increasingly competitive market, financial institutions and PSPs must create payment services that provide increased flexibility and an improved user experience. The Global Payments Web Service can validate bank details and enrich routing information at the point of capture, creating more seamless on-boarding. With a real-time connection to Bankers Almanac dynamic data, which is updated daily, this solution drives greater customer confidence and payments straight through processing.
Beyond the payments reference data included in earlier versions, this new release provides Standard Settlement Instructions (SSIs) to enrich cross-currency payment instructions. Additionally, clearing system participation details that ensure accurate routing over the last mile of the transaction and optimised national clearing code to SWIFT/BIC pairings for additional payments routing options now available through the web service.
Robert McKay, Executive Vice President & Managing Director at Accuity, commented: “The complexity and speed of today’s marketplace requires more accessibility to the data needed to accurately route payments.”
“We have enhanced Bankers Almanac Global Payments Web Service 2.0 to facilitate greater automation in payments onboarding, enrichment, and routing, eliminating the need for manual intervention and the costs associated with it. Ultimately, this enables financial institutions, payments services providers and corporates to create an improved payments experience.”
Accuity offers a suite of innovative solutions for payments and compliance professionals, from comprehensive data and software that manage risk and compliance, to flexible tools that optimise payments pathways. With deep expertise and industry-leading data-enabled solutions from the Fircosoft, Bankers Almanac and NRS brands, our portfolio delivers protection for individual and organisational reputations.
Part of RELX Group, a world-leading provider of information and analytics for professional and business customers across industries, Accuity has been delivering solutions to banks and businesses worldwide for 180 years.