Swift monitors compliance as 7775 window closes
15 April 2003 | 4347 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.