Swiss depository SIS SegaIntersettle is to establish a closed user group for securities industry participants unable to meet the ISO 15022 message format conversion deadline in November.
SIS says it will transmit all outgoing Swift messages in the new ISO 15022 format from 16 November, regardless of whether its clients have already adopted the new standard.
Industry participants failing to meet the deadline for cutover to the new format will still be allowed to transmit payments using the redundant ISO 7775 standard if they join a closed user group. The short-term contingency measure was agreed by the Swift board last month as it became apparent that many firms were still unprepared for the changeover.
During the transitional period, SIS says it will continue to accept ISO 7775 messages, enabling laggards to remain compliant while they convert their systems to the new standards.