The launch aims to sort out some of the data clutter in the B2B supply chain by automating analysis of payments reference data. The new channel enables financial institutions and corporates to identify and validate necessary payments reference data against information available in the SWIFTRef utility, SWIFTs reference data service.
Through SWIFTRef APIs, users will be able to check queries against the latest information in the SWIFTRef repository via their proprietary applications obtaining a response that identifies and validates critical payments reference data. 12 SWIFTRef APIs are available covering a number of industry identifiers, including BICs, LEIs, IBANs, settlement instructions and national bank codes. By using these APIs, financial institutions and corporates can automate their payments process using data stored centrally, eliminating the need for data storage on premises.
In the coming months SWIFTRef will announce the availability of a new directory, Entity Plus, to assist the community with regulatory reporting by providing a consistent view of entities achieved by cross-referencing various identifiers, (e.g. BIC, LEI, GIIN). In a second phase, the product will provide hierarchical and ownership information to assist with risk exposure and risk management.
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