Sword FircoSoft solves the new “COV” cover payments watchlist filtering alerts increase issue, long before SWIFT Standards 2009 are live
Press Release
Paris – September, 15th 2009 – Sword FircoSoft, the leading global provider of watchlist filtering solutions, today informs on how an existing product suite feature will compensate for the alert review workload increase expected when processing new MT202COV cover payments by SWIFT.
On November 21st, the new MT202COV cover payment will be introduced. It will contain full originator and beneficiary party information from the MT103 payment message. The major concern when filtering international payments remains that the information duplicated from the MT103 message into the MT202COV cover payment message will cause a dramatic increase of cover payments alerts and possibly duplication of alerts for banks generating payments and covers for some transactions.
To remedy this, Sword FircoSoft has developed a pairing feature in their best-of-class watchlist filtering solution, Firco Filtering Suite. Since 2006, Sword FircoSoft customers have been pairing messages related to the same transaction, therefore eliminating the risk of increasing the hit rate. This pairing mechanism, developed in partnership with a major international bank, enables the application of sanctions list check, and potential alert decision, directly on the group of messages composing a transaction. Compliance breach is therefore avoided as no part of a transaction can be processed while another part is held for alert review or blocked.
When filtering the MT103 payment message and its related MT202COV cover payment, Sword FircoSoft applies the same filtering criteria to both simultaneously. Hence, in case of alert, both alerted messages are reviewed at the same time, the decision made on MT103 being automatically applied to the MT202COV. This eradicates the risk of decision discrepancies between the two messages and additionally speeds up the review process.
Sword FircoSoft will lead an Open Theater Session at SIBOS on Wednesday 16th September at 11:30am, Open Theater Level 3, dealing with this topic: Sanctions filtering and MT202COV: are you ready?
About Sword FircoSoft
Over 335 financial institutions in more than 55 countries (representing over 650 sites) are already benefiting from the #1 watch list filtering solution* provided by Sword FircoSoft.
Sword FircoSoft, provider of multi-alphabet ready filtering solutions, also offers best-in-class straight through processing and business intelligence solutions.
* ranking by Celent since 2003