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Swift launches payments and trade finance analytics tool

Swift has launched a tool that enables its banking customers to analyse their payments and trade finance traffic. According to the organisation, Watch Banking Analytics Premium is a service that provides clients with the following functionality:

  • details of payment charges enabling a benchmark to market practices;
  • visibility of the initial ordering and end beneficiary countries;
  • ability to map clearing business to determine potential new revenue flows;
  • better understanding of FX conversion practises;
  • greater visibility of the market for confirmed LCs and track dedicated activity share;
  • insights into the length of LCs and compare to market standards;
  • access to value buckets for all messages types;
  • rank market position by currency, country or market and track sales performance for comparison against peers.

According to Swift, access to such data enables financial institutions to manage costs and risks more efficiently, gain a better view of market trends, benchmarks and see new opportunities and inform business decisions. “Analytics is quickly becoming a strategic priority for many financial institutions," said Astrid Thorsen, head of business intelligence solutions at Swift. "With massive amounts of unstructured data available, many financial institutions want new ways to turn data into meaningful business insights.”

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