Swedbank Enhances SWIFT Payment Processing with Precisely Data360 for Improved Compliance and Efficiency
Customer Company Size
Large Corporate
Region
- Europe
- America
- Asia
Country
- Sweden
- Estonia
- Latvia
- Lithuania
- United States
Product
- Precisely Data360
- IBM MQ
- ProSwitch
Tech Stack
- Real-time Monitoring
- Data Governance
- Quality Rules Integration
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Customer Satisfaction
- Productivity Improvements
Technology Category
- Application Infrastructure & Middleware - Data Exchange & Integration
- Analytics & Modeling - Real Time Analytics
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Quality Assurance
Use Cases
- Process Control & Optimization
- Regulatory Compliance Monitoring
- Remote Asset Management
Services
- System Integration
- Software Design & Engineering Services
About The Customer
Swedbank is a leading Nordic-Baltic banking group, with nearly 8 million private customers and more than 600,000 corporate customers in Sweden, Estonia, Lithuania, and Latvia. Swedbank has several hundred branches in Sweden and the Baltic countries, with an additional presence in Norway, Finland, Denmark, the U.S., China, and Luxembourg. As a major player in the financial services industry, Swedbank is committed to providing efficient and reliable banking services to its vast customer base. The bank's operations span across various countries, making it a significant entity in the Nordic-Baltic region. Swedbank's extensive network and large customer base necessitate robust systems to manage financial transactions efficiently, ensuring compliance with regulatory standards and maintaining high levels of customer satisfaction. The bank's focus on innovation and technology adoption is evident in its efforts to enhance payment processing systems and improve data quality, which are critical for maintaining its competitive edge in the financial services sector.
The Challenge
In the compliance-heavy environment of financial services, errors can place companies at significant financial and reputational risk. This is particularly true for financial institution’s payment processing, which presents some of the biggest data quality challenges. Companies that can quickly and accurately process payments and identify potential issues have a significant competitive advantage, while those who struggle to detect and eliminate errors suffer reputational and regulatory consequences that can impact their bottom-line. Financial transaction processing involves a number of exchanges, creating the opportunity for data quality to degrade at each step. This complexity is particularly true within SWIFT, which is used by banks, brokers, treasuries and corporations to quickly transmit and route payments around the world. SWIFT payments are time-sensitive, and institutions must ensure that real-time transactional messages are correctly formatted and remain consistent and accurate through every hop of the processing flow. Swedbank utilizes the SWIFT payment system and must track SWIFT formatted payments as they move through its clearing system in real-time. During processing, the bank must ensure that transaction description fields, payment formats and values stay consistent and accurate throughout the transaction balancing process. When processing errors do occur, the bank must be able to quickly locate and resolve them, or the institution will be subject to fines.
The Solution
Swedbank needed an enterprise solution to provide end-to-end monitoring of the electronic payment and settlement process, and chose Precisely Data360 for its ability to deliver the following: Real-time visibility into SWIFT payment processing through every step in the payment process; Quality rules at key stages within and between critical systems involved; Separate audit trails to support regulatory compliance; Virtual elimination of billing process re-runs; Improved data quality and processing times to increase customer satisfaction; Reduced operational and compliance risk. Precisely Data360 establishes both value tracking and latency checking quality rules for payments processed through multiple applications, including ProSwitch and the SWIFT interface. It also integrates these new quality and reconciliation rules with IBM® MQ, which Swedbank uses as a communication messaging system between its processing applications and Precisely Data360 to track all payments from sign-on through payment transfer. Precisely Data360 delivers quality-powered data governance to reduce risks of late payments, regulatory compliance violations, and potential fines. The solution helps Swedbank quickly identify problems at their source, delivers visibility to make it easier to troubleshoot problems, and gives Swedbank better control over reducing and eliminating potential delays. “Precisely became our red alert system. It provided highly effective detection capabilities for our incoming and outgoing payments,” said Johnson. “It also detected that our MQ middleware – and not our systems – was causing errors.”
Operational Impact
Quantitative Benefit
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