The Central Bank of Nigeria (CBN), has directed all banks operating in the country to always observe strict compliance with SWIFT Universal Confirmation Requirements.
The directive was outlined in a circular issued by Mr Sam Okojere, CBN’s Director, Banking Services Department.
Okojere directed all SWIFT customers to provide information on the outcome of all their Single Customer Payments (MT103) messages to SWIFT, via tracker (Universal Confirmation).
The News Agency of Nigeria (NAN) reports that SWIFT is an initiative aimed at improving customer experience through increased transparency in end-to-end payments tracking.
“The conformation should get to SWIFT within two business days on whether the beneficiary’s account has been credited, payment rejected or pending.
READ ALSO: All sectors will remain shut as workers protest — labour
“Please note that all financial institutions within the ecosystem will be measured on whether they confirm 80 per cent of their weekly payments.”
He said that SWIFT offered different ways to provide status update through automated or manual methods.
“The channels are Bank Basic Tracker-manual; API calls; Automated MT199 confirmations; Batch confirmations; Full GPI and ISO 20022, which will be available from 2022.
“All banks are strongly advised to review and select the appropriate channel that suits their operations with a view to meeting the deadline of Nov. 22, 2020 set by SWIFT for compliance,’’ he said. (NAN)
Eid Il Fitr: FPE Alumni President Felicitates With Muslims
Eid Il Fitr: FPE Alumni President Felicitates With Muslims May 13, 2021 The National President of Federal Polytechnic...
Face Of Osun State 2021 Unveil Winners, Releases Stunning Photos
A beautiful Student of Osun state, Obafemi Awolowo University osun state, Queen Bakare Hasiat who emerged the winner Face...
Kizz Daniel welcomes set of twins
Popular Nigerian singer, Kizz Daniel, has announced the birth of his sons. The singer revealed this on Instagram on Saturday...
BBNaija: Big Brother announces date for Season 6 audition, lists criteria
Organizers of Big Brother Naija, BBNaija reality show has announced a new date for auditioning of season 6. A post...
Nollywood star Baba Ijesha arrested for alleged 7-year rape of minor
The Lagos State Police Command has arrested Olarenwaju James, 48, aka Baba Ijesha, a popular Nollywod actor, for defiling a...