No Need To Change Existing Systems,
Service Providers, Or Institutions
SWIFT Payments
Global Payment Transaction Insights In Real-Time
SWIFT Payments
Feature Overview
How The SWIFT Payments Feature
Can Bring Value To Your Global Organization
INSTANT®’s SWIFT Payments capabilities within the Enterprise Financial Hub Feature provide a robust infrastructure for managing global transactions efficiently and securely. By leveraging the features outlined above, businesses can expect substantial benefits, quantified by significant cost reductions and operational efficiency improvements. The integration of these capabilities within the financial hub ensures that organizations are well-equipped to handle the complexities of international payments in a streamlined and cost-effective manner.
Global Payment Initiation
Feature Description: Enables businesses to initiate payments worldwide using the SWIFT network, which supports a vast range of currencies and financial institutions.
Business Benefits: Reduces the costs associated with initiating global payments by up to 20% due to the streamlined process and avoidance of intermediary bank fees.
Straight-Through Processing (STP)
Feature Description: Automates the end-to-end processing of payment transactions without manual intervention, thereby reducing the transaction lifecycle.
Business Benefits: Improves payment processing efficiency by as much as 50% or more, minimizing manual errors and delays while maximizing the throughput of payment transactions.
Secure Payment Transactions
Feature Description: Utilizes SWIFT’s secure messaging for transmission of payment orders, ensuring confidentiality and integrity of the financial data.
Business Benefits: Lowers the risk of payment fraud and security breaches by up to 60%, protecting financial assets and sensitive information.
Tracking and Transparency
Feature Description: Provides end-to-end visibility on payment transactions, including real-time tracking of payment status and finality of settlements via SWIFT GPI.
Business Benefits: Enhances operational transparency by around 40%, allowing businesses to track their transactions precisely, leading to better cash flow management and customer satisfaction.
Fee and Charge Predictability
Feature Description: Offers clarity on transaction fees and expected charges before the execution of payments, avoiding surprises in cost allocation and reconciliation.
Business Benefits: Results in a 30% estimated reduction in unexpected fees related to international payments, ensuring cost-effective transactions and accurate financial forecasting.
FX Rate Optimization
Feature Description: Integrates real-time foreign exchange rates, allowing currency conversion at optimal rates during cross-border transactions.
Business Benefits: Achieves around 15% estimated improvement in FX rate management on international payments, leading to better currency exchange deals and cost savings.
Automated Reconciliation
Feature Description: Facilitates the automatic matching of outgoing and incoming SWIFT payment messages with internal accounting records.
Business Benefits: Improves reconciliation accuracy by about 35%, significantly reducing the time and labor involved in matching and verifying global transactions.
SWIFT Payments
Payments Simplification
Cash Visualization & Controls
Real-time visibility into actionable intelligence within your operational bank accounts, reducing losses and creating greater use of funds efficiency.
Key features include:
- Know your cash positions and balances for Nostro and Central Bank accounts – in real-time.
- Turn this service on as and when needed – without having to engage additional services.
- Request for balance and intra-day balance processing for need-based queries.
- Identify end-of-day uncommitted balances at various banks and automatically send electronic instructions to move monies. (Notification by amount thresholds and cash distribution by batch process.)
- Define user-specific rules for minimum balance requirements and end-of-day schedules.
Automation: INSTANT Messaging Solutions (IMS)
INSTANT’s SWIFT Payment Module will improve the efficiency of your cross-border payments. Leverage numerous sub-modules to organize money movement (workflows) for your business departments.
Example workflows include:
- Customer Credit Transfers
- Institutional Transfers
- Foreign Exchange (F/X)
- Statement Reconciliation
- Cash Management
Key Capabilities:
- Intuitive interface and dashboards for all stakeholders
- Reconcile Responses from SWIFT (Ack, Nack, Confirms)
- Initiation of SWIFT-based queries (Status, Cancel)
- STP entries to related systems
- Manual creation of messages (Forms, Templates)
- Reference Data for Enrichment, Validation & Substitution
- Compliance check against multiple databases
- Duplicate checks at multiple stages
- Ability to run on any platform
This module also provides the ability to engage processing rules – differently – for each payment based on content and context.
Reconciliation
Validate bank cash positions and balances against counterparties’ books and records. Utilize end-of-day statements.
Unmatched entries on instructions/statements will be notified to interested parties for investigations.
Features:
- Pair-wise views
- Set match parameters
- Aging Reports
- Request for Status
- Initiate Investigation
- Real-time Notifications
- Minimize operational risks
- Receive all types of data/files
- Excel, XML, CSV, Fixed Length
- Batch loads in any format
