Fuzzy Matching for Transaction Narratives (Swift and ISO 20022)

Narrative Fuzzy Matching refers to applying fuzzy matching logic in narrative fields for SWIFT and ISO 20022 payment messages which has only been set to exact previously.
Narrative tags are free-text fields containing information provided by the sender. These contain valuable information, which is required for screening, but because of spelling errors, abbreviations, or transliteration differences, exact keyword matching fails to capture risk-sensitive information.
The application of fuzzy logic against the narrative helps identify close variants of names, terms, or sanctioned entities.

Current limitations:

• When fuzzy logic is applied in narrative fields, the number of matches is expected to increase. As such, it is advised to perform a calibration cycle for this use case during implementation.

The system detects fuzzy matches in the narrative field for investigator analysis.

Steps to Enable

You don't need to do anything to enable this feature.