syracom participates in the development of the new SWIFT payments tool kit

20.May.2019 PINQ, Finanzdienstleistung

Successful conclusion of the initial phase of the pilot project. SWIFT will provide banks with a new service for dynamic query handling. This will make it possible to process incorrect payment orders even faster and swiftly clarify operational, regulatory, and compliance questions.

The new "case resolution service" supplements SWIFT's integrated gpi advance validation service and serves for the quicker identification and remedy of errors and omissions in payment orders. Analogous to the gSRP for Stop & Recall, gpi (global payments innovation) also helps banks increase customer satisfaction due to swifter clarification of regulatory or compliance-related questions and decrease costs for expensive complaint processes. Together with 8 major international banks, syracom participated in the pilot project for the development of this functionality.

"SWIFT gpi case resolution service is the logical next step of extending the use of SWIFT gpi (established in cross-border payments) to use cases in which the bank of the recipient cannot perform a payment for various reasons. In order to evaluate the functional and technical processes, SWIFT has selected a new agile approach for the first time. In only two intensive months, together with eight major banks and three solution providers, it was possible to verify the functional concepts, technical integration, and the impact of the roll-out: fail fast, try often, fail cheap! We now work together with additional banks to go live with the gpi case resolution service at the end of 2019." Marc Claas, Director IT Solutions, syracom

The functional requirements and technical specifications for the gpi case resolution service will be developed to production-readiness by the end of the year. Then all 10,000 banks in the SWIFT network will have access to the service both per SWIFT MT and via the Tracker API.

syracom's successful participation is based on our in-house case management solution PINQ. The main responsibilities of the software solution are the automated preparation of payment queries and ensuring the efficient, media-independent communication between all particpants. Various German and international banks use the solution, which has been developed over a number of years. The active participation in the pilot project allowed syracom to develop a high level of functional and technical expertise, from which you as our customer can profit.

We look forward to hearing from you and discussing your projects with you.

 

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