CBN Orders Banks To Comply With Swift Universal Confirmation

Central Bank of Nigeria's logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde - RC1D90C799D0

BEVERLY HILLS, October 12, (THEWILL) – The Central Bank of Nigeria (CBN) has ordered all deposit money banks (DMB) in the country to ensure full compliance with the Swift Universal Confirmation requirement.

The apex bank, in a release said such confirmation should get to Swift within two working days of carrying out such transaction, indicating whether the beneficiary’s account has been credited, payment rejected or pending.

“All SWIFT customers are required to provide confirmation on the outcome of all their incoming single customer payment (MT103) messages to SWIFT via tracker, also known as universal confirmation,” the statement read.

“Please note that all financial institutions in the ecosystem would be measured on whether they confirm 80 percent of their weekly payment.”

CBN noted that Swift offers different ways to provide status update through automated or manual methods. The channels include basic tracker-manual, API calls, automated MT199 confirmations, batch confirmations, full GPI and ISO 20022.

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The apex bank advised banks to review and select appropriate channels that suits their operations with a view to meeting the deadline of November 22, 2020, set by Swift for compliance.