20 September 2017
Find out more

Swift confirms contingency plans for November ISO deadline

06 August 2002  |  5816 views  |  0 Swift confirms contingency plans for November ISO deadline

The Society for Worldwide Financial Telecommunication (Swift) has confirmed six-month contingency procedures for institutions failing to meet the November 2002 deadline for migration to the new ISO 15022 securities message standard.

Following a meeting of the Swift Securities Committee, the company has stated the migration deadline for ISO 15022 will remain 16 November 2002.

The interbank messaging outfit will activate an ISO 7775 Message User Group (MUG) to ensure that existing levels of STP can be maintained while users that are not compliant complete the transition from ISO 7775 to ISO 15022. This group will be discontinued on 31 May 2003.

All Swift securities users will automatically be registered for participation in the ISO 7775 MUG but will have the option to opt out at any point before or during its lifetime. Only users that are not ISO 15022-compliant will be charged for participation in the MUG.

Charges will be based on a monthly non-compliance fee, which will increase over the lifetime of the MUG. Additionally, non-compliant users will incur a surcharge per ISO 7775 message sent. The level of compliance required will increase progressively during the lifetime of the MUG.

Francis Remacle, head of Swift’s securities industry division, says: "We hope that no user will need to pay for non-compliance. We are providing every support possible to ensure that this can be the case. Given that so many projects in the industry are being developed using the ISO 15022 standard, this has to be the priority."

For low volume users, Swift has made available a number of free services to help with the migration. These include:
* Quick Start computer-based training programme, which gives practical information and training on quick and simple ISO 15022 message creation;
* SwiftAlliance manual input guide, which demonstrates how to create securities settlement instructions in SwiftAlliance Access and Entry; and
* SwiftAlliance templates, which give ready-to-use, pre-formatted message templates in line with market practice templates.

Swift has developed the ISO 15022 Compliance Analyser for users who have still not started testing. They will be able to test ISO 15022 messages directly with Swift and measure message quality against pre-defined, best practice rules. It will allow users to complete end-to-end testing of applications.

The analyser is available to Swift customers from 12 August 2002.
KeywordsBUY SIDE

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

Iona joins Swift partner programme

Iona joins Swift partner programme

05 August 2002  |  3822 views  |  0 comments
Brief: SeeBeyond wins SwiftReady Gold

Brief: SeeBeyond wins SwiftReady Gold

01 August 2002  |  3057 views  |  0 comments
Fundtech wins SwiftReady Gold

Fundtech wins SwiftReady Gold

29 July 2002  |  3007 views  |  0 comments
Netik wins SwiftNet certification

Netik wins SwiftNet certification

29 July 2002  |  3181 views  |  0 comments
CheckFree and Syllog interface for Swift connectivity

CheckFree and Syllog interface for Swift connectivity

15 July 2002  |  2813 views  |  0 comments
Misys bags three Swift ISO 15022 migration contracts

Misys bags three Swift ISO 15022 migration contracts

09 July 2002  |  3993 views  |  0 comments
Brief: SmartStream Corona awarded SwiftReady Gold

Brief: SmartStream Corona awarded SwiftReady Gold

21 June 2002  |  3206 views  |  0 comments
Swift begins FIX pilot with buy side and sell side firms

Swift begins FIX pilot with buy side and sell side firms

18 June 2002  |  3692 views  |  0 comments
Swift prepares ISO 15022 contingency

Swift prepares ISO 15022 contingency

17 June 2002  |  3652 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.capgemini.comvisit www.sibos.com

Top topics

Most viewed Most shared
JPMorgan Chase chief says he would fire traders dealing in bitcoin for stupidityJPMorgan Chase chief says he would fire tr...
10553 views comments | 16 tweets | 29 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10143 views comments | 6 tweets | 17 linkedin
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
9694 views comments | 21 tweets | 39 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9039 views comments | 6 tweets | 3 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
7495 views comments | 5 tweets | 4 linkedin

Featured job

circa £250K total package
London

Find your next job