Payment Controls helps payment operations teams diminish fraud risk through its alerting and reporting capabilities. The service’s aim is to flag, hold, release, or reject high-risk or uncharacteristic payments in real-time, according to business needs. The utility service is hosted in the SWIFT cloud, in order to allow users immediate access, with no hardware or software installation or maintenance.
To further facilitate customer defenses, the secure financial messaging service SWIFT will introduce a new “stop and recall” capability, with the purpose of enabling banks to immediately stop and recall a payment anywhere in the chain. The new feature will provide another barrier against fraud, thus mitigating business disruption and financial losses in the face of rising threats.
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