Service Bureaus, Trade-Based Financial Crime Controls, and Confirmation of Payee
Innovation in financial services is increasingly driven by the convergence of payments and compliance. Financial institutions are moving away from fragmented systems toward integrated operating models that combine connectivity, monitoring, screening, analytics, and fraud controls—enabling real-time decision-making while reducing operational complexity.
Source: This article is based on insights shared during an interview managed by EMEA Finance with Samer Fawadleh, Regional Director Levant & Africa at Eastnets. The full conversation is available here.
Combining Payments and Compliance into a Single Operating Model
An integrated payments and compliance approach brings multiple capabilities together under one operating model. Instead of relying on disconnected tools, financial institutions benefit from:
-
Fewer handoffs between systems
-
Reduced operational risk and data gaps
-
Real-time visibility across payment processing and financial crime controls. This unified model aligns closely with modern payment hub architectures, where compliance controls are embedded directly into payment flows rather than layered on top.
Safe Trade: Real-Time Trade-Based Financial Crime Monitoring
Safe Trade is a trade-based financial crime solution designed to address the growing risks associated with trade finance. Launched 2–3 years ago, it enables continuous monitoring and screening of trade transactions in real time.
Key capabilities include:
-
Trade finance document digitisation
-
Vessel tracking
-
Continuous sanctions screening of MT 700 messages
-
Continuous sanctions screening of Letters of Credit (LCs)
-
Monitoring of trade documents such as bills of lading
All insights are presented in a single, unified screen, allowing compliance and operations teams to monitor each letter of credit end to end—without switching between multiple systems.
👉 Learn more about trade-based financial crime controls
Scaling Secure Connectivity: Swift Service Bureau Expansion
Since the first Swift Service Bureau implementation in Dubai in 2003, the model has expanded globally. Today, service bureaus operate across multiple regions, including the Middle East, Europe, and the United States.
This global footprint supports more than 350 financial institutions, delivering secure, compliant, and resilient access to the Swift network. Check our Swift connectivity and Service Bureau services.
Why a Local Swift Service Bureau in Saudi Arabia Matters
Saudi Arabia’s data residency and regulatory requirements make local infrastructure essential. A local Swift Service Bureau enables institutions to keep sensitive data within the Kingdom while benefiting from long-standing expertise in operating regulated financial infrastructure.
The Saudi Service Bureau went live in just three months, including:
-
Full Swift certification
-
No-objection certificates from SAMA
-
Regulatory approvals from insurance and capital markets authorities
-
Compliance with National Cybersecurity Authority requirements
This model supports local compliance while maintaining global operational standards.
Beyond Swift Connectivity: Value-Added Services Delivered Locally
A Swift Service Bureau is no longer limited to messaging connectivity. In Saudi Arabia, the local model extends to orchestrated, value-added services, including:
-
Analytics and reporting engines within a payment hub environment
-
Anti-financial crime solutions covering screening and monitoring
-
Additional services layered on top of payments infrastructure
This approach allows institutions to focus on their core business while infrastructure, upgrades, and regulatory changes are managed centrally—with 24/7 support and 99.9% availability. Explore our compliance and financial crime solutions.
Takeed: Confirmation of Payee for Cross-Border Payments
Takeed is a newly announced service positioned as the next major step after ISO 20022 migration: confirmation of payee for cross-border transactions.
Before a payment is processed, Takeed verifies:
-
Account number accuracy
-
Whether the account is active and able to receive funds
-
Beneficiary name correctness, including corrections for minor misspellings
This capability directly addresses rising fraud and payment failure rates in cross-border transactions.
Benefits of Confirmation of Payee for Banks
Confirmation of payee delivers tangible value across operations, risk management, and customer experience:
-
Significantly reduces rejected and reversed payments
-
Improves customer experience by validating beneficiary details in real time
-
Protects banks from fraud, including beneficiary manipulation and IBAN-related scams
Saudi Arabia is the first country in the Middle East to introduce confirmation of payee for cross-border payments, with strong early adoption interest from banks.
Preparing for the Next Wave in Payments and Compliance
Payments and compliance continue to evolve in global waves that eventually become local regulatory and operational requirements. Institutions that stay ahead focus on integrated, future-ready platforms—from real-time compliance and trade finance controls to confirmation of payee and frictionless payments.
By combining secure connectivity, embedded compliance, and scalable infrastructure, financial institutions can prepare for the next phase of payments innovation in Saudi Arabia and beyond.