SWIFT and SunGard teamed up to launch a pilot program meant to revamp automation in message exceptions and reform industry standards in dealing with them. The current use of free format messages and multiple communication channels do not allow for standard procedures.
SWIFT claims standardized industry processes in dealing with exceptions would make corrected them less costly, suggesting a uniform, industry-wide automated process would be more efficient.
SunGard found 3 to 5 percent of transactions result in exceptions, and resolving the exceptions accounts for 80 percent of back-office expenditures.
The companies announced their plan for SWIFTNet Exceptions and Investigations at the Sibos Conference and Exhibition.