Regulatory Alerts2019-01-01
SWIFT Standards Release 2019 and Impact on the Zambia Interbank Payment and Settlement System (ZIPSS)
The Bank of Zambia directs ZIPSS participants to retain current practices for the field 72 "REC" code word and fields 50/59 free formats ahead of the SWIFT Standards Release 2019 deployment on November 17, 2019. This directive prevents straight-through processing delays, eliminates costly core banking system upgrades, and preserves anti-money laundering screening structures until the ISO 20022 migration. The central bank will oversee infrastructure testing and enforce ZIPSS message specifications, applying penalties to non-compliant commercial banks.
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