SWIFT announced Monday (October 22) the launch of Payment Controls, a new in-network solution to combat fraudulent payments and to help strengthen customers’ existing security.
In a press release, SWIFT announced that availability of these services commercially marks a major milestone for its Customer Security Programme, which is a community initiative launched in 2016 aimed at increasing security and trust across the financial community around the globe. SWIFT said in the press release that Payment Controls is an important way to protect firms as the frequency and speed of payments increases. The service boosts SWIFT’s global payments initiative, otherwise known as gpi, which is a new standard that improves cross board payments. Since it was launched last year the speed at which payments are processed has increased dramatically, SWIFT said.
“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. Payment Controls demonstrates our commitment to playing our part in protecting the security of the wider financial services industry,” said Luc Meurant, chief marketing officer at SWIFT, in a press release announcing Payment Controls. “I am confident that the new service will be an important weapon in the fight against fraud.”
SWIFT said that as part of gpi it will introduce a new stop and recall capability that will enable banks to immediately stop and recall a payment anywhere in the payment process. The new feature is expected to create another barrier against fraud, and reduce business disruption and financial losses as a result of the rising fraud. “Putting the right security tools in place is vital for any bank in mitigating payment fraud risk. The launch of SWIFT’s Payment Controls service is a very welcome step towards reinforcing and safeguarding the security of our ecosystem,” said Mark McNulty, global clearing and FI payments head at Citi, in the same press release. “For banks, 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.”