This API is designed to support banks to prepare their cross-border payment requests and check if the payment information is valid and in good standing with the country-specific requirements at the destination.
Pre-validation services are available to validate individual payment information, multiple payment information aggregated together, right through to validating entire payment requests.
All banks can pre-validate their cross-border payment information with SWIFT, against SWIFT reference data and country-specific requirements.
They can also take the next step and validate their cross-border payment information with other institutions that are subscribed to the service as payment pre-validation data providers(e.g beneficiary banks).
Payment Pre-validation User will:
Implement an API client and issue API requests towards SWIFT to validate cross-border payment information
Perform pre-validation services centrally, using SWIFT reference data and country-specific requirements
Facilitate the validation of cross-border payment information with other institutions (e.g. beneficiary banks)
The Payment Pre-validation Data Provider API details how to respond to account validation requests.
There are two network options available to Payment Pre-validation users to support different operating models. Depending on their individual needs, users can choose to pre-validate their payments over the public internet and/or over SWIFT’s highly secure network (MV-SIPN).
Using the API over the SWIFT network, for example, enables you to integrate pre-validation services in your back-end systems. On the other hand, using the API over the public internet could be used to integrate pre-validation services into your front-end, online channels. For more information on each network option, refer to Additional Material.