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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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 Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term.

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.