Welcome

The Standards Release Guide 2018 (SRG 2018) describes the changes to the Standards MTs effective as of 18 November 2018, the scheduled release date on FIN.

The main highlights of the SRG 2018 include the following changes:

BIC implementation

The ISO 9362 Business Identifier Code (BIC) standard was revised in 2014. A transition period started in January 2015 and will end in November 2018. All users must carefully plan and budget for systems or process changes, if any, to be prepared on time.

All details of implementation changes and impact of the revised ISO 9362 BIC standard can be found in the information paper.

REMINDER for SR 2020

A structured format option is now available for ordering and beneficiary customer fields (50F and 59F). Free format options for these fields will be removed from the following messages in SR 2020:

MT 101 field 50H and field 59 (no letter option)
MTs 103, 103 STP, 103 REMIT field 50K and field 59 (no letter option)
MTs 102, 102 STP field 50K and field 59 (no letter option)
MT 110 field 50K and field 59 (no letter option)
MTs 202 COV, 205 COV field 50K and field 59 (no letter option)
MT 210 field 50K
MT 910 field 50K

Unique end-to-end transaction reference and extended tracking

With mandating a unique end-to-end transaction reference (UETR) for all MT 103, MT 103 STP, MT 103 REMIT, MT 202, MT 205, MT 202 COV, and MT 205 COV messages, all banks on SWIFT can use such unique reference to identify end-to-end cross-border payments.

It will also enable the extended tracking by gpi customers of any gpi transaction that they are party to (this goes beyond the scope of today’s tracking which starts at the first gpi bank and stops with messages sent by the last gpi bank involved in a gpi transaction). gpi customers will be able to use the tracker to track their gpi payment status along the full message chain on SWIFT, irrespective of whether the banks handling the transaction are gpi members. This will allow gpi customers to achieve end-to-end tracking of their gpi payment messages quickly, bringing even greater transparency and cost reduction.

The UETR is a key enabler for developing a community service for tracking and stopping payments on SWIFT.

Today, stopping a payment in case of fraud or error is difficult and operationally costly, especially when a request for cancellation has to be passed along multiple banks. As a result, the cancellation process is mostly unsuccessful in "catching up" with the payment and preventing the funds from being credited to the beneficiary account.

The gpi Stop & Recall service will help eliminate many of these inefficiencies, speeding up the process to increase customer service and enhance risk management.

SWIFT’s vision is to provide the entire community a set of new services that will help eliminate many of these inefficiencies, speeding up the process to increase customer service and enhance risk management.

Customer Support

Should you need further clarifications, do not hesitate to contact your Customer Support Centre.