For any AML and Sanctions professional that has executed a transaction lookback or mapping exercise, this is welcome news. Often, the SWIFT data that is archived and later retrieved can be a normalization and standardization nightmare, especially when mapping transactions and their characteristics through high data volumes.

Of note, "SWIFT and its community created gpi setting three key foundation stones. Firstly, the introduction of a humble tag – a unique transaction identifier which accompanies every payment throughout its trajectory. The existence of this 36-character marker (The Unique End-to-End Transaction Identifier, UETR) allows payments to be traced as they go from originating senders, through correspondents, to ultimate beneficiary accounts. Secondly, the introduction of a tracker which follows these payments along their trajectory and reports back on their status, on demand. Thirdly, the establishment of a new cross-border convention under which banks commit to process payments from ordering customer right through to end beneficiary within tight timeframes – timeframes that are made visible to their respondents and correspondents, thanks to the tracking capability."