SWIFT Looks to Fill “Payment Gap” Worth Billions of Euros, Caused by Poor Reference Data

SWIFT, the financial messaging provider for more than 9,700 financial institutions and corporations in 209 countries, today announced the launch of SWIFTRef, a family of products that aims to eliminate costly payment errors arising from bad data, and increase straight-through-processing (STP). Thirty percent of non-STP payments are caused by bad reference data, and with manual...

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