What are the emerging trends and innovations in SWIFT sanctions screening that you are excited about?

3 Collaboration and standardization

A third trend in SWIFT sanctions screening is the enhancement of collaboration and standardization among financial institutions and regulators. Collaboration and standardization can help improve the consistency, quality, and efficiency of screening, as well as reduce duplication and fragmentation. For example, SWIFT has established a Sanctions Testing service that can help financial institutions benchmark and optimize their screening performance against industry best practices and peer groups. SWIFT has also developed a common data model for sanctions screening that can help harmonize the data formats and definitions across different systems and platforms.

4 Blockchain and smart contracts

A fourth trend in SWIFT sanctions screening is the exploration of blockchain and smart contracts as potential solutions for streamlining and securing the screening process. Blockchain and smart contracts are distributed ledger technologies that can enable transparent, immutable, and automated transactions and agreements. They can help reduce the reliance on intermediaries, enhance the traceability and auditability of transactions, and enable faster and cheaper cross-border payments. For example, SWIFT has partnered with some banks to test a blockchain-based proof of concept for cross-border payments that can integrate sanctions screening and compliance checks.

5 Innovation labs and pilots

A fifth trend in SWIFT sanctions screening is the creation of innovation labs and pilots that can foster experimentation, learning, and feedback. Innovation labs and pilots can help financial institutions test new ideas, technologies, and solutions for screening, as well as collaborate with other stakeholders and partners. They can also help identify the opportunities, challenges, and risks of implementing new innovations, as well as measure their impact and value. For example, SWIFT has launched an innovation lab called SWIFT Lab that can provide a sandbox environment for financial institutions to prototype and validate new solutions for screening and other services.

6 Customer-centric design

A sixth trend in SWIFT sanctions screening is the adoption of customer-centric design that can improve the user experience and satisfaction of screening. Customer-centric design can help financial institutions understand the needs, preferences, and pain points of their customers, as well as design solutions that can meet or exceed their expectations. Customer-centric design can also help financial institutions enhance their reputation, trust, and loyalty, as well as differentiate themselves from their competitors. For example, SWIFT has conducted user research and testing to improve the usability and functionality of its screening solutions, such as Name Screening and Sanctions Screening.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?