Regulatory Alerts2020-10-08 | BKS/CRO/GEN/BNK/04/061Compliance With The SWIFT Universal Payment Confirmations
The Central Bank of Nigeria circulates a letter to banks operating in Nigeria, reminding them to comply with SWIFT Universal Confirmations requirements. Banks are required to confirm the outcome of incoming single customer payments (MT103 messages) to SWIFT via Tracker within two business days. SWIFT measures compliance by tracking whether financial institutions confirm 80% of their weekly payments.
BANKING SERVICES DEPARTMENT Tel: +234 9 462 38400, +234 9 462 38445 Email: bksd@cbn.gov.ng Website: www.cbn.gov.ng CENTRAL BANK OF NIGERIA Central Business District, Cadastral Zone AQ P.M.B. 0187, Garki Abuja BKS/CRO/GEN/BNK/04/061 23rd September 2020 CIRCULAR TO BANKS COMPLIANCE WITH THE SWIFT UNIVERSAL PAYMENT CONFIRMATIONS 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: o The Basic Tracker - manual o API calls Automated MT199 confirmations o Batch confirmation . o Full GPi ISO 20022 - Available from 2022 o All banks are strongly advised to review and select the appropriate channel that suit their operations with a view to meeting the deadline of 22nd November 2020 set by SWIFT for compliance.
Thank you Sam C. Okojere Director, Banking Services Department.