To make sure money can run smoothly around the world, every single customer payment (MT 103 on FIN) will require a confirmation by the end of 2020. Payments confirmations enable banks to improve their customer experience by offering transparency and certainty that the funds have reached their destination. More than checking the compliancy box But as we are reaching the
With the 22 November deadline in sight, many banks across the globe have taken the decision to comply with the Universal Confirmation deadline through sending a simple csv file from the core bank system to the SWIFT alliance access. This light MT103 tracker is provided by SWIFT and it is free. It is intended to assist very small institutions typically
Trustlink provides innovative solutions and services that enable financial institutions, central banks and prestigious corporate enterprises to enhance information exchange and business process integration beyond the borders of the enterprise. The company is based in South Africa and has an established customer base of over 150 that spans 20 countries in sub-Saharan Africa. Trustlink enables the secure and reliable exchange
“On the operations side, CorZap can pair and match any financial message, validate fees and charges against correspondent agreements, identify the right to claim, what to claim, when to claim and actually create the claim message and directly communicate with correspondents to claim non-compliant messages”. Our Chairman Amr Soliman explains how SME Banks can run their cross-border transactions in a
The recently released SWIFT info paper was very clear: gpi payments are fast, they are transparent and predictable and are supporting international trade and capital flows. They are rapidly being adopted for domestic and lower value consumer payments as well. Yet, only a small percentage of the connected SWIFT banks now comply to the gpi standard. So, why is that?
The future of straight-through processing is bright and SWIFT gpi in partnership with a smart Software house – like Corzap – is the new way forward for banks that want to compete in a global market. Read all about it in our article on making SWIFT gpi accessible to all banks. Read article
Corzap was present and presented at Sibos 2018 in Sydney. Until 2018, Corzap was known as Finstat. Our presentation at Sibos 2018, was focused on today’s challenges on banks in relationship with our SWIFT gpi solutions. Watch the video for the full experience of the Sibos event in 2018.
Gpi is set to be the standard for all cross-border payments that are handled through SWIFT member banks by the end of 2020 – or a little over two years from now. The gpi initiative will enable end beneficiaries to be credited within minutes or even seconds. FINSTAT seeks to greatly increase operational efficiency in the handling of payment messages
In 2018, CNBC has interviewed Finstat (which has become Corzap in 2019) on creating a straight through processing environment within the back-office of the banking sector. During the interview we talk about our experience with the implementation of our SWIFT gpi solution and the feedback which we have received from our customers. Watch the video for an exclusive interview with