17 August 2017
Find out more

Swift monitors compliance as 7775 window closes

15 April 2003  |  4486 views  |  0 Swift monitors compliance as 7775 window closes

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)

Finextra news in your inbox

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

Related stories

Swift steps up contingency planning as SARS outbreak spreads

Swift steps up contingency planning as SARS outbreak spreads

08 April 2003  |  4830 views  |  0 comments
FIX uptake is good news for Swift

FIX uptake is good news for Swift

07 March 2003  |  5463 views  |  0 comments
SwiftNet window opens for Italy and the Netherlands

SwiftNet window opens for Italy and the Netherlands

20 February 2003  |  3965 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.dorsum.eudownload the paper nowvisit www.abe-eba.eu

Top topics

Most viewed Most shared
Coinbase raises $100mCoinbase raises $100m
10256 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9608 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9449 views comments | 8 tweets | 15 linkedin
HSBC automates documentary trade processing with IBMHSBC automates documentary trade processin...
8443 views comments | 6 tweets | 21 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
7921 views comments | 1 tweets | 2 linkedin

Featured job

Find your next job