The global financial messaging network Swift has introduced a new case management system designed to revolutionize how banks track and resolve delayed international payments, potentially saving the industry 600 million annually. The solution targets what Swift identifies1.6 billion yearly burden for financial institutions—manual processes to investigate payment delays that currently cost major banks up to $20 million each in penalties and labor.
How It Works:
- Standardized Tracking: Leverages ISO 20022 data and Unique End-to-End Transaction References (UETR) to create a unified investigation framework
- Centralized Visibility: Provides real-time status updates across correspondent banking networks
- Automated Workflows: Reduces manual interventions by 80%, cutting resolution times from days to hours
“Today’s fragmented processes create unnecessary costs and frustrate customers,” explained Swift’s Shirish Wadivkar. The system has already demonstrated in pilots with 50 global banks the ability to slash investigation timelines by 80%—a critical improvement as real-time payment systems raise customer expectations.
Early adopter PagoNxt reports the tool helps create a “virtuous circle” of lower liquidity costs and improved client satisfaction. The launch comes as delayed payments cause growing friction in global trade, with an estimated 15% of cross-border transactions requiring manual intervention.
Implementation Timeline:
- Phase 1 (2024): Core investigation tracking for Swift GPI members
- Phase 2 (2025): AI-powered root cause analysis and predictive alerts
- Phase 3 (2026): Full integration with domestic real-time payment systems
While the service currently focuses on Swift’s network, its API-based design allows future expansion to other payment rails. The solution represents Swift’s latest move to modernize cross-border payments following its 2017 global payments innovation (GPI) initiative that first introduced end-to-end transaction tracking.