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Deutsche Bank launches Swift Beneficiary Account Verification service

Deutsche Bank has rolled out Swift's new Beneficiary Account Validation (BAV) service, enabling clients to verify payee account details before an international payment instruction is sent.

2 comments

Deutsche Bank launches Swift Beneficiary Account Verification service

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The service enables Deutsche 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. The bank can also use it to respond to incoming validation requests.

More than 70 banks have so far signed up to the BAV service but Deutsche Bank is the first to roll out the system on a global basis, building a straightforward API layer on top, enabling it to validate accounts across its global markets in real time.

The German lender also plans to incorporate BAV into its online cash management channel in the next year, where clients could pre-validate their beneficiary accounts while the payments are being created online.

Jose-M Buey, global head, core platforms and accounts solutions, Deutsche Bank Corporate Bank, says: "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."

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Comments: (2)

Enrico Camerinelli Supply Chain Blockchain Personal Coach at Aite Group

This announcement validates my prediction that we will see banks offering digital payment hubs for all types of payments transactions processing and connectivity.

These scalable systems will provide the flexibility to merge bank internal legacy applications while decommissioning and replacing old systems by consuming microservices-based advanced and modern applications via APIs.

Artificial intelligence will process, convert, enrich, validate, reconcile and route any type of financial transaction using workflows dynamically invoked as needed.

Andrew Smith Founding CTO at RTGS & ClearBank

A service that helps no doubt. But it is still so dated. We need to be moving away from sharing account data, rather move to a world that supports verified identities paying each other...... Until we do so, push payment fraud will continue to rise

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