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New York City
Member since
2019
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Payments Regulation & Compliance

Saqib's blog archive

2019 (2)
Saqib Sheikh

Saqib Sheikh

Global Head of the ISO 20022 programme at SWIFT
Message Message me Posts: 2 Comments: 2

Blogs

 

ISO 20022: a better payments experience for customers

05 Dec 2019

People want payments to be simple. They want accessible payments with strong authentication, executed instantly, at low and predictable costs, reaching intended recipients regardless of platform or jurisdiction. However, walled digital gardens, disparate standards and poor interoperability of data prevents us from providing the seamless payment ex...

 

A journey towards better, richer, payment data

16 Sep 2019

The global payments industry is changing rapidly as technology and innovation reduce friction and increase the speed at which value moves across borders. In order to keep pace and prepare for the future, the financial community must adopt a common language across the board. The good news is that this is already happening, as many payment market in...

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Saqib is Commenting on

Ripple accused of making false claims about Swift error rates

  @BobLyddon, its happening. FIN MT 1, 2 and 9 messages for FI to FI payments and reporting will sunset and be decommissioned on FIN in Nov 2025. It will not be without investment and hard work, and the ISO 20022 adoption needs to be managed closely, but we do have a deadline we are working towards. You can find out more at www.swift.com/iso20022programme

07 Nov 2019 Reply Read article

Ripple accused of making false claims about Swift error rates

  Great discussion on how we can get the right data, and right the first time in bank payment instructions.  @Bob Lyddon is right - option F in field 59 for Beneficiary Customer would give you 4 lines of 33 characters to fit the company name @Ketharaman is referring to. Here's an example: :59F:/12345678 1/DEPT OF PROMOTION OF SPICY FISH 1/CENTER FOR INTERNATIONALISATION 1/OF COMMERCE AND BUSINESS Likely the issue @Ketharaman had is because an intermeidary bank payment system could not accomdoate the 42 characters and some payment operations staff decided to truncate the name to "INC". No network will solve this problem, and this is why we need to do the heard work to educate and support banks in improving their data practices.   Also, ISO 20022 is around the corner! With adoption window starting Nov 2021, and ending Nov 2025. Find out more at www.swift.com/iso20022programme

06 Nov 2019 Reply Read article