Regulatory Alerts2022-01-01
Bank of Zambia Circular No 06/2022 SWIFT Contingency Implementation for RTGS
The Bank of Zambia has issued Circular No 06/2022 to mandate commercial banks and the SWIFT community in Zambia to transition their Real Time Gross Settlement (RTGS) messaging from Y-Copy to V-Shape flow. This operational upgrade requires participants to update outgoing MT103 and MT202 messages by shifting the Block 2 receiver to the RTGS BIC and explicitly including Creditor BIC in designated fields, while incoming messages must reflect the RTGS BIC as Block 1 sender with Debtor details in specified fields. Should the primary SWIFT channel experience disruptions, banks must utilize a Virtual Private Network as an alternate transmission route until normal operations resume.
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