CBN advises banks to comply with SWIFT before Nov. 2020 deadline

By Chika Otuchikere

The Central Bank of Nigeria (CBN), has advised all banks in the country to strictly comply with SWIFT Universal Confirmation Requirements.

CBN’s Director, Banking Services Department, Mr Sam Okojere outlined the details of the compliance in a circular he signed, where he directed all SWIFT customers to provide information on the outcome of all their Single Customer Payments (MT103) messages to SWIFT, via tracker (Universal Confirmation).

SWIFT is an initiative meant to improve customer experience through increased transparency in end-to-end payments tracking.

Okejere stated; “The conformation should get to SWIFT within two business days on whether the beneficiary’s account has been credited, payment rejected or pending.

“Please note that all financial institutions within the ecosystem will be measured on whether they confirm 80 per cent of their weekly payments.”

According to him, SWIFT offered different ways to provide status update through automated or manual methods.

“The channels are Bank Basic Tracker-manual; API calls; Automated MT199 confirmations; Batch confirmations; Full GPI and ISO 20022, which will be available from 2022.

“All banks are strongly advised to review and select the appropriate channel that suits their operations with a view to meeting the deadline of Nov. 22, 2020 set by SWIFT for compliance,” he said.