SWIFT wants to help its bank partners gain the power of big data, and has launched a new solution to do so. Reports in Automated Trader on Tuesday (Oct. 13) said the international finance messaging network has released a way for financial institutions to aggregate and analyze their payments data.
The SWIFT Watch Banking Analytics Premium tool provides online reporting and analytics within the Watch for Banking services, reports said. The data reports offer insight into payment charge details for FinServ businesses and banks to set spending benchmarks, as well as geographical data regarding the initial ordering and end beneficiary countries.
The insight can also increase visibility into foreign exchange practices and establish a way to compare sales performance and other stats against market peers.
In its announcement, SWIFT said this data is highly valuable to financial institutions that want to look at customer flow, more adequately manage risk, and examine market trends. It can also help with customer strategy and the identification of market or product opportunities, the company added.
“Analytics is quickly becoming a strategic priority for many financial institutions,” said SWIFT head of Business Intelligence Solutions Astrid Thorsen in a statement. “With massive amounts of unstructured data available, many financial institutions want new ways to turn data into meaningful business insights.”
[bctt tweet=”Analytics is quickly becoming a strategic priority for many financial institutions”]
Thorsen added that SWIFT has taken a new step to focus on business intelligence technology and Big Data analytics.
BNY Mellon Global Payments Network Manager of Treasury Services Ana Sancho provided input on the new SWIFT solution, saying in a statement that the Watch Banking Analytics Premium tool “creates opportunities for innovative efficiencies by using detailed big data.”
“It’s likely to become a must-have tool for network managers,” she said. “We all want comprehensive intelligence at our fingertips.
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