SWIFT announces exceptions and investigations pilot

Six banks to participate from this October with a rollout expected by June 2006.

On the payments side of the back office, staff members have never really warmed to the exceptions and investigations components of their jobs. It is time consuming and every transaction that goes wrong costs a bank capital and a slice of good standing in the area of customer service.

Although definitions for exceptions and investigations depend largely on the institution, the gist of the process rests in the query stage, where questions regarding a transaction are posed by clients, and the investigation element, where there is a required adjustment, repair or enrichment in the transaction carried out by banks.

This process used to be completed manually through...

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