CBN to Banks: Confirm SWIFT transactions in 2 days by November 22

*All financial institutions in the ecosystem would be measured on whether or not they confirm 80 percent of their weekly payment

Isola Moses | ConsumerConnect

While harping on whether the beneficiary’s account has been credited, payment rejected, or still pending, the Central Bank of Nigeria (CBN) has directed all Deposit Money Banks (DMBs) to ensure full compliance with the SWIFT Universal Payment Confirmations by making sure the confirmation gets to SWIFT within two days of transaction in the country.

ConsumerConnect reports the Bankers’ Bank, in a statement at the weekend disclosed that such confirmation should get to SWIFT in two working days of a transaction, indicating whether the beneficiary’s account has been credited, payment rejected or pending.

The banking industry regulator said: “All SWIFT customers are required to provide confirmation on the outcome of all their incoming single customer payment (MT103) messages to SWIFT via tracker, also known as universal confirmation.

“Please note that all financial institutions in the ecosystem would be measured on whether they confirm 80 per cent of their weekly payment.”

In terms of the associated benefits of the platform, the CBN stressed that SWIFT offers different ways to provide status updates through automated or manual methods.

According to the Bank, the channels include basic tracker-manual, API calls, automated MT199 confirmations, batch confirmations, full GPI and ISO 20022.

The apex bank urged the commercial banks to review and select appropriate channels that suit their operations with a view to meeting the deadline of November 22, 2020, set by SWIFT for compliance.

Kindly Share This Story