18 October 2017
Register now

Swift monitors compliance as 7775 window closes

15 April 2003  |  4545 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  |  4884 views  |  0 comments
FIX uptake is good news for Swift

FIX uptake is good news for Swift

07 March 2003  |  5524 views  |  0 comments
SwiftNet window opens for Italy and the Netherlands

SwiftNet window opens for Italy and the Netherlands

20 February 2003  |  4011 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.innotribe.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15112 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8333 views comments | 15 tweets | 21 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
7821 views 0 | 7 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7228 views comments | 13 tweets | 8 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6390 views comments | 8 tweets | 16 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job