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CBN directs banks to comply with SWIFT payment policy

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

The CBN’s Director of Banking Services, Sam Okojere, gave the directive in a circular to the banks on Saturday.

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).

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

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

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

Okojere said SWIFT allowed 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 November 22, 2020 set by SWIFT for compliance,’’ he added.

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