During IBAS business processing, the integration with Swift TSS guarantees that all incoming and outgoing messages are instantly screened against the most recent sanctions lists, regardless of the financial product. In the event that anything unusual is found, bank users are immediately notified.

According to Audur Bjarnadottir, Head of International Payment at Landsbankinn, "we're using Swift's TSS functionality as part of our transaction processing within IBAS, to improve alert quality and accuracy in sanction screening and also to reduce the number of false positives being handled by our operations staff." We are able to take advantage of real-time automatic transaction screening because of the seamless integration that the CBA team achieved with Swift TSS. All of this takes place as part of the workflow when business events are processed in real time in IBAS GBF. The connection reduces the amount of time spent on manual activities and delivers efficiency savings, allowing us to concentrate on the quality of every transaction.

All message types, including payments, trade finance, and other banking transactions, can be instantly scanned via Swift TSS thanks to IBAS GBF, regardless of whether they start as MT messages or are in ISO-compliant MX or SEPA format. The IBAS CLL (call) framework and REST APIs are used in the integration to allow automatic sanction screening. Moreover, IBAS GBF automates all follow-up procedures, allowing transactions that clear the screening stage to proceed directly through, while transactions that are indicated as possible hits are automatically held for additional examination.

According to Rolf Hauge, CEO and founder of CBA, "by connecting our customers to Swift's Transaction Screening Service, we're giving them direct access to a fully-managed and securely-hosted service that is continually updated with the latest sanctions data." In the era of instantaneous banking, the capacity to halt any questionable transactions in real time is essential. If problems are later discovered, the alternative for banks that are unable to scan transactions in real time as part of routine business processes may involve a significant amount of human labor in retrieving transactions. We're happy that Landsbankinn is already reaping the benefits of the service's efficiency and quality, and we look forward to eventually extending its availability to additional IBAS clients.

It is anticipated that using ISO 20022 CBPR+ will have a major positive impact on the decrease of false positives. A new eBook from Swift titled "Supercharge-your-payments-business-with-iso-20022" claims that in actuality, 5–10% of payments result in an alert, and industry statistics indicate that 99% of those warnings are false positives. The difficulty is addressed by ISO 20022 CBPR+, which includes more items and more space than current standards while also offering unique, well-defined data elements in clear formats. It is anticipated that financial institutions may cut false positives by 25–30% by using a more focused screening strategy.