Deutsche Bank launches Swift beneficiary account verification service
Deutsche Bank has rolled out Swift’s new Payee Account Validation (BAV) service, allowing customers to verify payee account details before sending an international payment instruction.
The service enables Deutsche to ensure that payments from its customers reach the intended payee using the correct account information, validating the information centrally through Swift. The bank can also use it to respond to incoming validation requests.
More than 70 banks have so far subscribed to the BAV service, but Deutsche Bank is the first to deploy the system globally, creating a simple API layer on top, allowing it to validate accounts in its global markets in real time.
The German lender also plans to integrate BAV into its online cash management channel next year, where customers could pre-validate their payee accounts while payments are created online.
Jose-M Buey, Global Head of Core Platforms and Account Solutions, Deutsche Bank Corporate Bank, said: âThe BAV service not only solves a key market problem that prevails today, but also brings operational benefits. important in terms of end-to-end efficiency. and reducing fraud to our corporate clients.
âIt’s also a clear example of how API technology can be used to create an innovative solution that aligns perfectly with our strategy of building a real-time API-based account platform. ”