SWIFT launched a new version of its Bankers World Online directory, an online query tool which has been significantly upgraded to provide more data coverage, a wider breadth of financial information (including data from Reuters, Dun & Bradstreet, and Moody's), and new intuitive features and functionalities. The service is part of the SWIFTRef portfolio, an industry-wide platform for global payments reference data.
The new Bankers World Online service includes essential reference data, such as Business Identification Codes (BIC), International Bank Account Numbers (IBAN), Legal Entity Identifiers (LEI), national bank codes and more that are used to facilitate international payments and to fulfil new reporting requirements. It also includes important financial information from market data vendors and credit rating agencies, including credit ratings, shareholder information, balance sheet information, cash flows, and many more data sets about customers, suppliers and service providers.
Bankers World Online now provides instant online access to source the reference data a financial institution or corporate needs to correctly populate domestic, SEPA, and international payments; to validate the required identifiers in regulatory reports or find the information needed to evaluate counterparty risk. The renewed service will improve payments straight through processing (STP) rates, support risk mitigation, reduce costs and time spent on manual repairs and investigations, while ensuring regulatory compliance.
In addition to the new content, Bankers World Online also offers enhanced usability and a direct response channel to inquire and report missing or incorrect data in a dynamic and user-friendly environment.