By end 2020, every single MT103 on FIN payment will have to be confirmed to SWIFT within two business days. SWIFT has made confirmation mandatory to all FIN users receiving MT103.
For each MT103 Payment, a confirmation needs to be sent as to its status; which could be:
Accepted: Money received by the beneficiary account
Rejected: Payment could not be processed
On hold: Payment cannot be processed immediately
Transferred: Payment transferred
Financial Institutions have the option of confirming to SWIFT manually or via one of the automated methods approved by SWIFT.
Overview
By end 2020, every single MT103 on FIN payment will have to be confirmed to SWIFT within two business days. SWIFT has made confirmation mandatory to all FIN users receiving MT103.
For each MT103 Payment, a confirmation needs to be sent as to its status; which could be:
Accepted: Money received by the beneficiary account
Rejected: Payment could not be processed
On hold: Payment cannot be processed immediately
Transferred: Payment transferred
Financial Institutions have the option of confirming to SWIFT manually or via one of the automated methods approved by SWIFT.
Complying with Fiorano
Fiorano's SWIFT-confirm pack is part of Fiorano's broader ISO 20022 Accelerator and offers an easy and accelerated path to confirm payments to SWIFT through all SWIFT approved automated routes including MT 199 confirmations, via. API calls and CSV batches as depicted below:
Complying with Fiorano
Fiorano's SWIFT-confirm pack is part of Fiorano's broader ISO 20022 Accelerator and offers an easy and accelerated path to confirm payments to SWIFT through all SWIFT approved automated routes including MT 199 confirmations, via. API calls and CSV batches as depicted below:
MT 199
API Calls
CSV Batch
Are You Ready for Universal Payment Confirmations to SWIFT?
Fiorano SWIFT-Confirm Pack
Are You Ready for Universal Payment Confirmations to SWIFT?
Fiorano SWIFT-Confirm Pack
Key Features
Simplified and fast compliance routes, in-line with the SWIFT Universal Confirmations rulebook.
Optional, bundled testing and validation for business acceptance, audits, process improvement and exception handling.
Pre-configured flows for all SWIFT approved confirmation methods: MT 199 / API / Batch confirmations and ISO 20022.
Smooth upgrade path to SWIFT gpi, SWIFT CBPR+ and ISO 20022.
Key Features
Simplified and fast compliance routes, in-line with the SWIFT Universal Confirmations rulebook.
Optional, bundled testing and validation for business acceptance, audits, process improvement and exception handling.
Pre-configured flows for all SWIFT approved confirmation methods: MT 199 / API / Batch confirmations and ISO 20022.
Smooth upgrade path to SWIFT gpi, SWIFT CBPR+ and ISO 20022.
