The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Swift Adds Ultimate Entity Ownership Data to Entity Plus Directory

Swift has added ultimate ownership data to entities in its Entity Plus directory and is planning to add more hierarchy data to the entity data in line with the requirements of its user community.

Entity Plus was made available late last year to support financial institutions’ entity data management processes and compliance with regulations that require entity data such as Legal Entity Identifiers and include European Market Infrastructure Regulation, Dodd-Frank, the Foreign Account Tax Compliance Act and Markets in Financial Instruments Directive II. The addition of ultimate ownership data, which is published on a daily and monthly basis, supports compliance while extending institutions’ risk management capabilities and providing a better understanding of risk exposure.

Entity Plus is a data directory within the SwiftRef reference data utility, which was also augmented late last year with Reach Plus. The Reach Plus directory supports payments data and provides options for reaching and routing payments to beneficiary banks. This allows users to decide how best to process and route payments efficiently and cost effectively.

Along with additions to SwiftRef, Swift has issued its 2016 standards release, which includes changes to Swift messages used in the securities market. The go live date for the standards is November 20th, 2016.

While some financial institutions will work in-house to accommodate the changes, Volante Technologies, a provider of software for the integration and processing of financial messages, says increasing numbers of organisations are looking to third parties to support industry standards and updates.

Volante was quick to respond to the Swift standards release and has developed an update to its Swift plug-in that can handle both the messaging changes and SwiftRef additions. Venkat Malla, vice president of product management at Volante, says: “Volante is recognised as one of the go-to companies for access to Swift messaging and our research and development team works constantly to ensure our clients have the latest financial message integration capabilities. We add a layer of software on top of the standards that isolates clients from data such as the detail of how Swift messages must be formatted. This reduces the cost and burden of migrating to new standards and allows clients to focus on core business, rather than worry about standards compliance.”

Related content

WEBINAR

Recorded Webinar: Entity identification and client lifecycle management – How financial institutions can drive $4 billion in cost savings

A new model in Legal Entity Identifier (LEI) issuance has created significant opportunities for financial institutions to capitalise on their KYC and AML due diligence. By becoming Validation Agents and obtaining LEIs on behalf of their clients, financial institutions can enhance their client onboarding experience, streamline their internal operations, and open the door to new,...

BLOG

Covid Proof: The Future of Onboarding High-Net-Worth Clients

By Hugo Chamberlain, COO, smartKYC. The future of high-net-worth client onboarding has arrived – and it is one well suited for our post-COVID world. Automated and paperless, it enables wealth managers to accelerate acquisition, fully comply with the most stringent KYC regulations and deliver a frictionless start to the beginning of the client relationship. In...

EVENT

TradingTech Summit London

TradingTech Summit London will explore how trading firms are innovating in today’s cloud and digital based environment to create flexible, scalable trading platforms to support speed to market and business agility. Leveraging the cloud, AI and ML technologies to get an edge, automate processes and simplify operations in a cost effective way is the name of the game and will share practical insight from practitioners and technology leaders who are innovating and driving forward change in trading operations.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...