SWIFT gpi - Universal Confirmations
- Applies to all FIN users receiving MT103.
- Provide status to the originator BIC, amount, currency and date/time of credit to the beneficiary account or rejected payment.
- The recommendation is to provide the status update asap but the latest in 2days post value date.
- Interim status payment is also recommended.
- All confirmations will be available to the previous agent.
- Basic Tracker GUI. - A complete manual option. (SWIFT gpi tracker is a paid service*)
- MT199 for all. Part SR 2019, any institution can confirm as of Nov’19.
- API channel- recommended.
- ISO 20022 - expand beyond MT199, around Q4 2020.
- Batch Confirmations.
The landscape of cross-border payments is changing rapidly to meet customer expectations, technology, competition, and regulations. And with 40% of SWIFT gpi payments credited to end beneficiaries within 5 minutes, SWIFT gpi is definitely gaining unmatched numbers in terms of adoption, traffic & corridors.
As part of SR 2020, Universal confirmations - confirmation of credit MT103, a basic mandatory service will be applicable to all SWIFT members. Do note this service is currently optional on SR 2019.
While this piece is still in development and testing, we can anticipate different channels to initiate confirmations.
*features set of basic tracker and full SWIFT gpi tracker is available online.
