CBN directs banks to comply with SWIFT universal payment confirmations

The Central Bank of Nigeria (CBN), has directed all banks operating in the country to always observe strict compliance with SWIFT Universal Confirmation Requirements.

The directive was outlined in a circular issued by Mr. Sam Okojere, CBN’s Director, Banking Services Department.

Okojere directed all SWIFT customers to provide information on the outcome of all their Single Customer Payments (MT103) messages to SWIFT, via tracker (Universal Confirmation).

Our correspondent reports that SWIFT is an initiative aimed at improving customer experience through increased transparency in end-to-end payments tracking.

“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.”

He said that 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.