SWIFT takes true measure of correspondent banking

Banks that use the SWIFT payments messaging platform will be able to gain a clear picture of their correspondent banking activities from January next year. A new service, called SWIFT Profile, will draw out both a bank’s direct and nested correspondent volumes from the platform’s aggregated payments traffic enabling identification of potential risks within jurisdictions. Banks may choose to share their profiles with counterparties via SWIFT’s KYC Registry, a repository of due diligence documents and data developed with 12 global banks.