Filling the gaps

Tubular cans

Transaction transparency needs joined-up messaging

There’s been lengthy discussion about the need for easier passage of information along cross-border payment rails. The limitations of SWIFT messaging are widely understood, and there’s no question that ISO20022 goes a long way to resolving that problem, but adoption remains incomplete. Many US banks don’t use SWIFT; how does information pass into and out of Fedwire? And what about the many organisations - particularly NBFIs, that aren’t connected to either standard?

The problem doesn’t begin or end there. If an intermediary organisation isn’t connected to the right platform, the information chain can be broken. So even if the originating and receiving institutions are members of the same platform, the transaction information, may not reach end-to-end.

This problem was one of those that we set out to address when we created the eKeyiD platform. The identity can be passed freely via any medium as the system’s inherent security guards privacy. Whether or not the participants in the transaction are on the same system, this single, compact code bridges any gap. not only does the eKeyiD unlock all of the transaction details, along with the ability to view all background documentation, it also contains key identifiers like the SWIFT UETR. If an intermediate organisation wasn’t connected to to the right platform, there’s no air gap breaking the communication chain.