Unleashing the power of Universal Confirmations

CorZap/ December 18, 2020/ News

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 end of the year, most banks, especially smaller ones do not seem to use these so called Universal Confirmations to their full potential. On the contrary, it seems that most smaller banks have installed the free Basic Tracker and are now experiencing extra work, since they have to check and push transactions through the chain manually. So, they’ve checked the compliancy box, but the result is somewhat disappointing. That’s too bad, because there’s so much more to explore and gain with Universal Confirmations.

Corzap SWIFT Universal Confirmation

Corzap Universal Confirmation is a plug and play solution that enables small banks to move one step forward towards becoming a full SWIFTgpi member. It consists of three modules that plug into a bank’s core system, performing tasks that enable faster compliance with the SWIFT 2020 standard release and the November 2020 regulations for universal confirmation.

Future-ready software

Three modules help you unleash the power of Universal Confirmations. Our Search & Archive module lets you store, search and analyze historic SWIFT message content in live mode. The Regulatory Reporting module reports on the full history of any SWIFT transaction, enabling the generation of sound statistical analytics. And finally, our Universal Confirmations module automatically generates universal confirmation transaction status updates, including all optional message status updates to pave the way for SWIFT gpi compliance.

Ready for the next step

Universal confirmations enable the development of new value-added services to future proof your business. Just think about the benefits you can offer your customers in terms of easier cash flow management or tracing payments end-to-end in real-time. Corzap software enables these smooth, compliant and affordable cross border SWIFT transactions within just a few days. Please contact us for more information or an online demo.