The financial and financial technology industries are growing and evolving at rapid rates over the past decade. In 2020, inter-country money transfers have become more convenient with the introduction of global payment processing platforms, cryptocurrencies, and e-wallets.
These days, people expect expedited and trackable payment processing within minutes instead of days. Aside from speed, they also expect institutions to comply with all necessary regulations and permits. When conducting payments between banks located in different countries, SWIFT codes and other identifiers help distinguish originating and receiving banks. PT Unified Trade Jakarta review the SWIFT interface and the updates.
SWIFT stands for Society for Worldwide Interbank Financial Telecommunications. It’s a widely-used messaging network accessed by financial institutions and banks to securely, quickly, and accurately communicate confidential information like payment processing instructions.
SWIFT assigns a unique ID code identifier for every member bank. Each SWIFT code contains the bank name, country, town, and branch for easy and quick identification. If you’re a SWIFT member, you need to run the updated interface.
Benefits of Upgrading SWIFT Interface
The Customer Security Program (CSP) is consistently improving the protection baseline for all SWIFT users. One of the developments is the SWIFT Global Payments Innovation (GPI) that enables transparent, trackable, and fast cross-border transfers. You can find these critical initiatives in the latest updates.
Here are some reasons why you should upgrade your SWIFT:
1. Updated software complies with the Customer Security Program (CSP) Mandatory Security Control 2.2
An updated interface allows you to run new initiatives and innovations. You should run release 7.2 or its equivalent in all of your backup, disaster recovery, and data systems to comply with the 2.2 CSP Mandatory Security Control.
The SWIFT infrastructure should also be in full compliance with the mandated security controls found in the Customer Security Controls Framework.
2. Interface system upgrades meet the requirements for GPI Universal Tracking and Standard MT Release 2018
The AMH release 3.x.20 and Alliance Access/Entry release 7.2.50 are functional upgrades that allow you to generate unique end-to-end transaction reference (UETR) automatically. The UETR is a requirement of the mandatory Standards MT Release 2018, and you should be able to create, pass, and store the UETR of each payment processed. SWIFT transactions without UETR will be rejected.
According to PT Unified Trade Jakarta review, whenever you upgrade your system, test the full payment flow that includes payment interfaces and applications.
3. Compliance to Standard MT Release 2018 requirements make your institution GPI-Ready
SWIFT GPI is predicted to be the future of cross-border payment processing. There is a projection that at the end of 2020, every bank on the network can offer fully-transparent and traceable same-day end-to-end deliveries within the payment chain.
If you update your systems, you can meet the Standard MT Release 2018 requirements and get your institution GPI-ready.
SWIFT interface is an integral part of global payment processing security. PT Unified Trade Jakarta review all kinds of benefits from using various technological products. Ensure investment returns and money transfers by future-proofing your finances. Update your SWIFT interface to ensure compatibility with GPI.