11 February 2016

Swift monitors compliance as 7775 window closes

15 April 2003  |  3924 views  |  0

With only six weeks remaining before the ISO 7775 Message User Group (MUG) is discontinued, banking co-operative Swift has announced that 99.5 per cent of all securities message traffic is now compliant with the new 15022 standard.

Beginning 1 May, network users still sending ISO 7775 messages will incur significant charges, ranging from EUR10,000 to more than EUR45,000 depending on the price tier of the customer.

Charles Welham, responsible for the ISO 15022 migration programme at Swift, says: "Our migration team has been proactively monitoring and contacting those institutions that are at risk of incurring MUG charges."

The global conversion to the new messaging standard was extended by six months through the establishment of closed user groups as it became apparent that not all firms would be able to meet the original November deadline for compliance.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

08 April, 2003
07 March, 2003
20 February, 2003

Related company news

 

Top topics

Most viewed Most shared
UK sets out open banking API framework
13067 views comments | 90 tweets | 84 linkedin
Visa opens up to developers
9345 views comments | 26 tweets | 43 linkedin
European mobile banking service Pocopay go...
7839 views comments | 25 tweets | 14 linkedin
How to accelerate your fintech startup
6905 views comments | 32 tweets | 9 linkedin
Deutsche Bank calls for co-operation with...
6600 views comments | 27 tweets | 30 linkedin

Featured job

£100,000 basic, £180,000 OTE + Benefits
London

Find your next job