Universal Confirmations: Completing the Last Leg of the Payments Journey

Report Summary

Universal Confirmations: Completing the Last Leg of the Payments Journey

SWIFT introduced the free Basic Tracker to help ensure banks are compliant with the new mandate.

London, 14 January 2020 Confirmation of payments receipt (or other outcomes) becomes mandatory at the end of 2020, when all SWIFT member banks and other identified institutions will be required to provide confirmation of payment status once a payment has been credited to the end beneficiary’s account.

In November 2019, a free Basic Tracker interface was introduced to allow manual submission of confirmations, with the intention to ensure that financial institutions with low payments volume will be able to confirm payments.

Clients of Aite Group’s Wholesale Banking & Payments service can download this seven-page Impact Brief. To learn more about the topic covered in this Impact Brief, please contact us at [email protected].

This report mentions ACI Worldwide, Aqua Global Solutions, Commercial Banking Applications, CGI, ECS Fin, Expertus Technologies, Finastra, FIS Global, Montran, Oracle Financial Services, PPI, SWIFT, Tata Consultancy Services, and Temenos.

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