ABBANK has put into operation SWIFT Payment Pre-validation, a highly advanced solution that helps reduce errors and exceptions in cross-border payments through real-time validation of beneficiary information.

It enables ABBANK's customers to look up the beneficiary's name and account number before submitting an international money transfer request, minimising risks that may arise due to payment delays like late payment penalties caused by incorrect or missing information.

Nguyen Manh Quan, acting general director of the lender, said: “Data from SWIFT organisation shows that 72 per cent of international payment exceptions on the SWIFT network stem from small errors such as misspelling or formatting errors.

“To avoid wasting time and money in dealing with these unnecessary issues, ABBANK chose to invest and deploy the SWIFT Payment Pre-validation application as an effective solution for both customers and the bank."

ABBANK is one of four Vietnamese banks to instal the system. — VNS