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
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?