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SWIFT: CBN tasks banks on payment system compliance

The Central Bank of Nigeria (CBN) has reminded all lenders in the country of the importance of complying with the Society for Worldwide Interbank Financial Telecommunication (SWIFT) universal payment confirmations requirements.

 

In a circular posted on its website on Friday, the apex bank stated that “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 confirmations.”

 

It further stated that the confirmation should get to SWIFT within two business days on whether the beneficiary’s account has been credited, payment is rejected or pending. Please note that all financial institutions within the ecosystem will be measured on whether they confirm 80 per cent of their weekly payments.

 

The regulator advised banks to review and select appropriate SWIFT channels that suit their operations with a view to meeting the deadline of November 22 set by SWIFT for compliance.

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