SWIFT Deploys Update for Reference Data Suite

SWIFT, a global provider of financial messaging services, has launched a new information architecture and visual redesign for one of its existing reference data tools, Bankers World Online. Bankers World Online is one of SWIFTRef’s flagship services, which was designed help augment customers’ overall navigation and user experience.

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In particular, SWIFTRef is the group’s global reference data utility – it acts as a secure platform, which caters to numerous segments within the financial industry. Moreover, the module helps provide a single and unique source for the reference data and financial information needed for seamless payments processing, accurate regulatory reporting, counterparty risk analysis and due diligence.

The Bankers World Online service currently includes such utilities as reference data, including all SWIFT BIC codes, national bank sort codes, IBAN (International Bank Account Number) identifiers, global Legal Entity Identifiers (LEI), and more that are used to facilitate international payments and fulfill new reporting obligations.

Financial Data in Focus

Additionally, this usefulness extends to relevant financial information from market data vendors and credit rating agencies, credit ratings, shareholder information, balance sheet information, cash flows, and other relevant information. Per the latest upgrade, the new-look Bankers World Online represents a revamped user interface, culminating in the addition of improved search fields and seamless navigation for the customer.

The impetus behind the redesign has been a need for professionals to utilize the platform more quickly, helping easily source the reference data needed to populate domestic, SEPA and international payments correctly.

According to Hervé Valentin, Head of SWIFTRef, in a statement on the redesign and upgrade, “Bankers World Online has a key role to play in achieving our 2020 SWIFTRef growth ambition. Beyond providing key data, we want to offer a great customer experience, which will support our clients’ businesses. The new release of Bankers World Online is an important step in achieving this objective.”

SWIFT made headlines earlier this week after shot down rumors that its network and EastNets were infiltrated by the US’ National Security Agency (NSA). Earlier reports suggested the NSA had accessed a backdoor to the bank network to plant spyware and monitor data traffic across a number of Middle East banks.