SWIFT has launched a new analytics service that allows clients to analyse their payments and letter of credit (L/C) data over the global messaging platform's system.

Watch Banking Analytics Premium (WBAP) allows deeper exploration of the message content sent over SWIFT's platform and is part of the company's play on so-called big data.

Functionality

Part of SWIFT's Watch for Banking services, WBAP is a set of online reporting and analytical tools that allow customers to look into their institution's message content to better understand the value behind messaging activity.

For a fee, users can also gain access to additional information, including visibility of the market for confirmed L/Cs.

Insights into the length of L/Cs can also be obtained so that users can compare their activities with market standards.

Big data

SWIFT says the product fits with its emphasis on big data. Based on its substantial message flows, it increasingly produces business intelligence to provide timely, transparent, and consolidated ready-to-use market information about customers' flows according to SWIFT.

It says the data can be used by financial institutions to better manage costs and risks, look at market trends as well as benchmark or detect new product or country opportunities.

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