SWIFT, a secure financial messaging service, announced the introduction of Payment Controls, an in-network solution to combat fraudulent payments and help strengthen customers’ existing security.
Payment Controls helps payment operations teams mitigate fraud risk through its unique alerting and reporting capabilities. The service may be set to flag, hold, release, or reject high-risk or uncharacteristic payments in real-time, according to business needs.
Initially targeted at smaller financial institutions, the utility service is hosted in the SWIFT cloud to allow users immediate access, with no hardware or software installation or maintenance. Payment Controls bolsters SWIFT’s global payments innovation (gpi).
As part of gpi, and to further strengthen customer defenses, SWIFT will introduce a new “stop and recall” capability that will enable banks to immediately stop and recall a payment anywhere in the chain. The new feature will provide another barrier against fraud—mitigating business disruption and financial losses in the face of rising threats.