Payments travel across borders, through jurisdictions and in and out of accounts, but throughout this journey delays can occur. These create friction, sending ripples of disruption through our daily lives. They stop shopkeepers from getting the supplies they need on time, impact international supply chains and prevent loved ones from receiving the funds they need, when they need them.
And that can be frustrating, as many of these errors could be avoided – all that’s required is that payments are checked or ‘pre-validated’ before they’re sent so that mistakes can be fixed immediately instead of later down the line. This saves time, reduces delays and most importantly gives customers the best payments experience possible.
To achieve effective and efficient transaction screening and monitoring, financial institutions need to focus on the quality and structure of data.
Proserve introduces an application that answers the banks’ need for transaction control and monitoring to ensure their systems and applications provide and map structured data for all parties involved in a transaction.
These characteristics mean AI algorithms are also well suited to monitoring networks for outages, screening payment instructions for missing data, and identifying fraudulent or sanctioned transactions. With this technology at our fingertips, the financial community has the potential to transform the way it analyses data and process transactions.
Directory link:https://www.swift.com/news-events/news/unlocking-power-ai
Whether partnered or inhouse solutions, Proserve seeks to serve what the financial community truly wants and needs.
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Proserve delivers a wide range of products and services that target financial institution as well as corporate
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