CBN Issues Circular on Compliance With the SWIFT Universal Payment Confirmations

Tuesday, October 13, 2020 / 09:32 AM / By CBN / Header Image Credit: Market Forces Africa

All banks operating in Nigeria are by this circular reminded of the need to ensure full compliance with SWIFT Universal Confirmations requirements. 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 Confirmations.

The confirmation should get to SWIFT within two business days on whether the beneficiary's account has been credited, payment is rejected or pending. Please note that all financial institutions within the ecosystem will be measured on whether they confirm 80% of their weekly payments.

SWIFT offers different ways to provide the status update via automated or manual methods. The channels are:

• The Basic Tracker - manual
• API calls
• Automated MT199 confirmations
• Batch confirmation
• Full GPi
• ISO 20022 - Available from 2022

All banks are strongly advised to review and select the appropriate channel that suit their operations with a view to meeting the deadline of 22" November 2020 set by SWIFT for compliance.

Related News

1. CBN Directs Airline and Shipping Companies to Comply With Exports Procedure In Nigeria
2. CBN Launches Framework for Advancing Women's Financial Inclusion In Nigeria
3. Nigeria's Recent Trade Rules: A New Look At FX
4. Manufacturing PMI Stands at 46.9% in September 2020 from 48.5% in August 2020
5. CBN's Directive on Destination Payment for all Form M, Letter of Credit and Other Forms of Payment
6. CBN Issues Framework for The Implementation of Family Homes Financing Initiative
7. CBN Issues Framework for the Implementation of Intervention Facility for the NGEP
8. CBN Issues Framework for Implementation of the Solar Connection Facility
9. CBN Releases Monetary, Credit, Foreign Trade and Exchange Guidelines for Fiscal Years 2020-2021
10. Interest on Local Currency Savings Deposits Subject to a Minimum of 10% per annum of MPR
11. CBN Issues Revised Guidelines for the Licensing and Regulation of Payment Service Banks in Nigeria
12. Manufacturing PMI Stands at 48.5% in August 2020 from 44.9% in July 2020