Deutsche Bank has rolled out Swift’s new Beneficiary Account Validation (BAV) service, enabling clients to verify payee account details before an international payment instruction is sent.
The service allows Deutsche to ensure that payment is received from its customers to a potential customer using the full information. , and confirm the information in Swift. The bank can also use it to respond to incoming confirmation requests.
More than 70 banks have already signed up for BAV work, but Deutsche Bank is the first to develop this system globally, building a direct API that makes it possible to establish accounts on its global market in real-time.
The German fund also plans to bring its BAV flow online money next year, which will allow consumers to pay for it reinforce their knowledge first when they pay by air.
Jose-M Buy, head of global, core, and information technology at Deutsche Bank Corporate Bank, said: “BAV’s work not only solves the common market crisis today but also brings significant benefits in terms of high-level use and the reduction of fraudulent practices in our companies sale.
“It’s also a clear example of how API technology can be used to create new solutions that are consistent with our plan to build a real-time API database.”