SWIFT said Dec. 5 that is it piloting an integrated payment validation service to reduce errors and speed up the payment process.

The Society for Worldwide Interbank Financial Telecommunication is testing the service with 15 banks and plans to make it available to all 10,000 banks across its network.

"[SWIFT] has already created a fast and frictionless cross-border payment experience for many banks and corporates," said Luc Meurant, SWIFT's chief marketing officer.

"By embedding this new capability in the same payment messaging channel, thousands of banks will benefit from the resulting efficiencies."