Reducing Regulatory Risk at Swedbank
Precisely helps Swedbank maintain data quality – ensuring swift payment speed, accuracy and compliance
Swedbank is a leading Nordic-Baltic banking group, with nearly 8 million private customers and more than 600,000 corporate customers in Sweden, Estonia, Lithuania and Latvia. Swedbank has several hundred branches in Sweden and the Baltic countries, with an additional presence in Norway, Finland, Denmark, the U.S., China and Luxembourg.
In the compliance-heavy environment of financial services, errors can place companies at significant financial and reputational risk. This is particularly true for financial institution’s payment processing, which presents some of the biggest data quality challenges. Companies that can quickly and accurately process payments and identify potential issues have a significant competitive advantage, while those who struggle to detect and eliminate errors suffer reputational and regulatory consequences that can impact their bottom-line.
Financial transaction processing involves a number of exchanges, creating the opportunity for data quality to degrade at each step. This complexity is particularly true within SWIFT, which is used by banks, brokers, treasuries and corporations to quickly transmit and route payments around the world. SWIFT payments are time-sensitive, and institutions must ensure that real-time transactional messages are correctly formatted and remain consistent and accurate through every hop of the processing flow.
Swedbank utilizes the SWIFT payment system and must track SWIFT formatted payments as they move through its clearing system in real-time. During processing, the bank must ensure that transaction description fields, payment formats and values stay consistent and accurate throughout the transaction balancing process. When processing errors do occur, the bank must be able to quickly locate and resolve them, or the institution will be subject to fines.
Read more about how Swedbank used Precisely Data360 to deliver quality-powered data governance to reduce risks of late payments, regulatory compliance violations and potential fines.