SWIFT has introduced Payment Controls, an intelligent new in-network solution to combat fraudulent payments and help strengthen its customers existing security, according to Bahrain News Agency.
The service may also be deployed to flag, hold as well as release and reject high-risk or uncharacteristic payments in real-time. Payment Controls is intended for smaller financial institutions and the utility service is hosted in the SWIFT cloud to allow users immediate access with no hardware or software installation or maintenance.
The service bolsters SWIFTs recently launched Global Payments Innovation (GPI), which has dramatically improved cross-border payments since it was launched last year.
Luc Meurant, SWIFTs Chief Marketing Officer, the growing threat of cyberattacks has never been more pressing, and banks need to be able to verify the integrity of payments in real time.
The launch of SWIFTs Payment Controls service is a very welcome step towards reinforcing and safeguarding the security of our ecosystem, it screens transactions in-flight and flags, holds or rejects transactions based on risk policies – ultimately protecting their operations, fighting cyber-crime and making the community safer for everyone, added Mark McNulty, Citibanks Global Clearing and FI payments Head.