Swift Universal Payment Confirmation          Download Brochure

Starting from 22 November 2020, it will be mandatory for all banks in Saudi Arabia and worldwide to confirm when a customer payment (MT 103) has been:

     credited to the account of the beneficiary,

     placed on hold,

     rejected or

     transferred outside of SWIFT.

-The confirmation is expected within maximum 2 business days following the payments’ value date.

-The score measurement improvement period starts before 22 November 2020; it starts on 5 September 2020.

-SWIFT will apply a simple traffic light system to monitor banks compliance as follows:

•       Green indicates banks are fully compliant.
•       Orange indicates institutions are not compliant for one week. In the case of an orange indicator, institutions have 12 weeks to reach compliance before being issued a red rating.
•       Red indicates institutions that are not compliant and have missed the 12-week compliance cut off.

-Such traffic colors (green, orange, and red) will be seen only by the bank itself, till 31 May 2021, for each bank to improve itself, But…..

-Starting 1 June 2021, SWIFT will make the traffic color of each bank visible to the banking community worldwide, where a bank will be judged by “its traffic color”.