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With this offering, the bank marks another milestone in its commitment towards client-centric payment services and leading the path for other global payments innovation (gpi) initiatives.
FREMONT, CA: BNY Mellon has partnered up with SWIFT to be the first U.S. bank to offer the gpi Case Resolution service to clients, and the fifth worldwide. With this offering, the bank marks another milestone in its commitment towards client-centric payment services and leading the path for other global payments innovation (gpi) initiatives.
Case Resolution, SWIFT’s cloud-based payment investigation and resolution service, spreads its network-wide payments validation toolkit. It allows for dynamic query handling between banks on the SWIFT network and helps banks create efficiencies by quickly resolving inquiries where operational, regulatory or compliance information is incorrect or missing from payment instructions.
This offering automates the inquiry process, holding other parties in the payment chain accountable for responding within a pre-defined, reasonable timeframe and eventually decreases friction while accelarating resolutions and overall processing significantly. Inquiries take up 2 percent of BNY Mellon’s cross-border payment volumes, which take a tremendous amount of time, and effort to resolve. Case Resolution saves clients from this extra effort and time, as well as money on investigatory fees, and reduces the frustration of having to wait for information.
Case Resolution Benefits include:
• Reduced time & cost of inquiries
• Faster resolution of inquiries and final payment
• Standardized case handling
• Improved Service Levels
• Improved transparency
• Reduced number of inquiries
David Watson, Head of North America at SWIFT, commented, “SWIFT’s mission is to make payments as fast, frictionless and secure as possible, so making exceptions and investigations easier to manage is a priority for us. While only a small number of payments are held up by errors and missing information, the time and effort to investigate and resolve them causes frustration for financial institutions. Case Resolution alleviates this frustration by enabling financial institutions to resolve these issues quickly and efficiently. The increasing adoption by banks is testament to the multiple benefits the service offers.”