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,
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:
-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”.
.Understand the SWIFT payment universal confirmation to the banking community
.Confirm customers payment manually and understand how it will be done automatically.
.For AML and compliance dept. fully understand how dangerous is non-compliance with the SWIFT new “universal payment confirmation” rules.
.Universal confirmation introduction
.Q & A universal confirmation
.The five ways to confirm payments 1. The Basic Tracker 2. Automated MT 199 confirmations 3. Confirm via API calls 4. ISO 20022 5. Batch confirmations
.back office payment operations.