FACTSHEET I SWIFTRef

SWIFTRef APIs

Automated and real-time access to reference data

From SWIFTRef, As a financial institution or

corporate, you handle multiple
In addition, manual interventions to repair
and investigate rejected payments are

the reference
to thousands of commercial
and/or treasury payments every
data experts day. At the same time, you are
increasingly challenged by a
growing number of industry
regulations such as SEPA,
MiFID or others, which require
you to produce payments more
efficiently, as well as generate
accurate and timely regulatory
reports.
resource-intensive, time-consuming and
costly. Moreover, counterparties also
charge for incorrect payment details.
On a regular basis authorities around the
world will fine financial institutions, and
sometimes for millions of Euros, for failing
to accurately report on their transactions
and activities. Quite often this inaccurate
reference data and financial information
is related to the incorrect codes used
to identify counterparties, which result
in financial loss, unsatisfied customers/
suppliers and correspondent fees and
penalties from regulators.

Collecting and maintaining reference

data on an individual basis is often highly
Features / Benefits demanding. You need to:

Real-time identification and validation

–– Collect the data from multiple
Reduced total cost of ownership sources
–– Cleanse and validate the data
Low implementation investment –– Cross-reference the data
–– Permanently maintain these vast
Innovative solution volumes of data

In the Cloud
Having access to extensive and accurate
Synchronised with your applications and reference data is therefore paramount
interfaces and this is where SWIFTRef can help you
overcome these challenges.
 Internet SWIFTRef web server
Swiftrefdata.com

Figure: Real-time access to the SWIFTRef database

SWIFTRef APIs What challenges can you What reference data can you
resolve with SWIFTRef APIs? look-up with SWIFTRef APIs?
One of SWIFT’s latest delivery channels
for SWIFTRef reference data are 14 SWIFTRef APIs are available today,
Application Programming Interfaces –– The availability of accurate covering key industry identifiers, including
(APIs). APIs offer financial institutions, and up-to-date reference BICs, IBANs, Standing Settlement
corporates and third party service data allows you to reduce Instructions (SSIs), Legal Entity Identifiers
providers an automated data look-up payment error costs, increase (LEIs) and national bank codes.
service for real-time identification and payments STP and enhance
validation of critical payments reference your customer service. It
data within the SWIFTRef utility. is compatible with online –– Get details of a BIC
SWIFTRef APIs supports application- applications, mobile, and –– Check the validity of a BIC
to-application communication between traditional client/server –– Get details of an IBAN
your application and the SWIFTRef offerings –– Check validity of an IBAN
platform. These APIs are designed to be –– Working with APIs help you –– Get the BIC for an IBAN
embedded into customer applications, to avoid expensive data –– How to reach a BIC in SEPA
allowing for real-time reference data integration and maintenance –– Get SSIs for a BIC
look-up. using files –– Get the LEI for a BIC
To enable you to validate reference data –– You can innovate as –– Get the BIC for an LEI
against our platform using API calls, you SWIFTRef uses RESTFul –– Check the validity of a national
must have a valid swift.com user account methods for easy integration ID
with access to the SWIFTRef API service. into your applications –– Get National IDs for a BIC
This automated process does not require –– You can update payments –– Get BICs for a national ID
any storage at your end. reference data directly across –– Get details of a national ID
your back office, treasury, and –– Get the IBAN for BBAN
Our SWIFTRef APIs ease the integration other departments
of data into your back office applications –– You are able to integrate
and interfaces, thus reducing the risks reference data look-up
linked to integration with other systems. directly in your proprietary
In practice, the user is provided with applications and systems
tailor made queries and responses (also –– All your back office systems
named calls) that can be used directly by use the same APIs, allowing
your software and applications. you to access the same
reference data at any time
Opting for real-time queries directly with and from anywhere
the SWIFTRef platform will therefore help
For more information
you achieve a greater rate of payments
visit www.swift.com/SWIFTRef
straight-through processing, minimise
or contact us at
your reputational risk and yield significant
swiftref@swift.com
cost savings.
57266 - April 2017

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© SWIFT 2017