Deutsche Bank rolls out SWIFT beneficiary account service

Deutsche Bank is launching SWIFT’s new beneficiary account validation service for cross-border payments.

The bank, which is the first to roll out SWIFT’S new account pre-validation service worldwide, says that BAV will enable clients to verify payee account details before an international payment instruction is sent.

The technology is aimed at minimising the risk of payment failure due to incorrect data, removing a key point of friction in cross-border transactions.

BAV solutions enable banks to ensure that payments from its clients are arriving at the intended beneficiary using the correct account details, by validating the information centrally via SWIFT.

It also allows the bank to support other participating banks by responding to incoming account validation requests.

The solution uses a real-time Application Programming Interface (API) to check the existence of beneficiaries from key account details, with the aim of significantly reducing time spent by both banks and corporates on the management of fraudulent payments and payments made with incorrect details.

The BAV service is expected to be incorporated into Deutsche Bank’s online cash management channel in the next year, where clients could pre-validate their beneficiary accounts while the payments are being created online.

According to SWIFT, the BAV service currently has more than 70 banks signed up worldwide.

Jose-M Buey, global head of core platforms and accounts solutions, at Deutsche Bank Corporate Bank said:“The BAV service not only addresses a key market problem prevalent today, but also brings significant operational benefits in terms of end-to-end efficiency and fraud reduction to our corporate clients.”

“It is also a clear example of how API technology can be used to create an innovative solution that perfectly aligns with our strategy to build a real-time API based accounts platform. We are pleased to be participating in this initiative as one of the early adopters of this service and happy to see it is gaining momentum among our corporate clients.”

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