CBN Directs Banks To Confirm Swift Transactions Within 2 Business Days
The Central Bank of Nigeria,
The Central Bank of Nigeria, CBN, has directed all Deposit Money Banks, BMBs, operating in Nigeria to ensure full compliance with theSwift Universal Confirmation requirement.
The CBN in a release said such confirmation should get to Swift within two working days of carrying out such transaction, indicating whether the beneficiary’s account has been credited, payment rejected or pending.
“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,” the statement read.
“Please note that all financial institutions in the ecosystem would be measured on whether they confirm 80 percent of their weekly payment.”
CBN noted that Swift offers different ways to provide status update through automated or manual methods.
The channels include basic tracker-manual, API calls, automated MT199 confirmations, batch confirmations, full GPI and ISO 20022.
The apex bank advised banks to review and select appropriate channels that suits their operations with a view to meeting the deadline of November 22, 2020, set by Swift for compliance.
, has directed all Deposit Money Banks, BMBs, operating in Nigeria to ensure full compliance with theSwift Universal Confirmation requirement.
The CBN in a release said such confirmation should get to Swift within two working days of carrying out such transaction, indicating whether the beneficiary’s account has been credited, payment rejected or pending.
“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,” the statement read.
“Please note that all financial institutions in the ecosystem would be measured on whether they confirm 80 percent of their weekly payment.”
CBN noted that Swift offers different ways to provide status update through automated or manual methods.
The channels include basic tracker-manual, API calls, automated MT199 confirmations, batch confirmations, full GPI and ISO 20022.
The apex bank advised banks to review and select appropriate channels that suits their operations with a view to meeting the deadline of November 22, 2020, set by Swift for compliance.
