The solution enables enterprises to verify the validity of the beneficiary's account in real time, improving the management of international payments
UniCredit continues to innovate in international payments, announcing as the first in Italy the launch of "SWIFT Account Pre-validation" service, which allows enterprises to verify in real time both the existence of a specific beneficiary's account and its operational status.
Businesses will be able, before initiating a payment transaction, to verify in real time the ability of the creditor's account to receive funds, making international payments more efficient and secure. The solution allows to reduce the uncertainty in payments, improve fraud prevention, limit payment delays and the management costs of unsuccessful transactions.
UniCredit is the first bank in Italy to make this new solution available to businesses, continuing to offer its customers value-added services aimed at reducing the complexities of international payments.
The solution uses a real-time communication based on API (Application Programming Interface) made available to companies, which starting from some key data of the account allows to verify its validity at the beneficiary's bank; this service is provided thanks to the collaboration of SWIFT which centrally manages, in a secure way, the transmission of information flows between the participating banks.
70 banks around the world have already joined SWIFT solution and are enabling the functionality. UniCredit will gradually extend the solution to a greater number of companies both in Italy and in other countries where the Group is present.
Raphael Barisaac, Global Head of Cash Management at UniCredit, said, "This achievement confirms UniCredit's commitment to delivering innovative solutions that meet customers' needs by offering an increasingly immediate, secure and frictionless experience in international payments. SWIFT Account Pre-validation adds to our offering of solutions to help companies manage their international business even more efficiently by integrating banking services directly into treasury management processes."
Erika Toso, Head of Business Development for South-East Europe at SWIFT added, "We are extremely pleased to see UniCredit among the first banks to implement the Pre-validation service. We are evolving our platform to enter a new phase where international transactions are instant, frictionless and interoperable. The result? A banking community that has the ability to offer completely new services to its customers, revolutionizing international payments. Together with our community, we have begun a journey to transform the future of the financial industry."
Milan, 20 September 2022
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