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CBN orders banks to comply with SWIFT Universal payment confirmations

BY David Oladele

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SWIFT Universal payment
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The Central Bank of Nigeria (CBN) has charged all banks to comply with the SWIFT universal payment confirmation.

The CBN made the order in a statement titled ‘Compliance with the SWIFT universal payment confirmation’ signed by the Director, Banking Services Department, Sam Okojere.

The apex bank said the confirmation should get to SWIFT within two business days on whether the beneficiary’s account has been credited, payment is rejected or pending.

The central bank explained further that all financial institutions within the ecosystem would be measured on whether they confirmed 80 percent on their weekly payments.

The statement read: “All banks operating in Nigeria are by this circular reminded of the need to ensure full compliance with SWIFT universal confirmation 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 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 percent of their weekly payments.

 “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.

@TechEconomyNG connects past-present-emerging technological impacts on Businesses, People and Cities. All Correspondence to: [email protected]

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