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All deposit money banks in Nigeria received a directive from the CBN to ensure full compliance with the Swift Universal Confirmation.
This directive is to match the demand of Swift that by 2020 it will need confirmation from its customers for all singular payments. This will enhance the flow of money around the world and Swift has set a deadline for November 22 2020.
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Banks in Nigeria can deliver on this by verifying if payments are denied, if accounts of the end beneficiaries are credited or if the amount is pending. The CBN further states that it will measure the performance of banks operating with Swift to guarantee an 80 per cent weekly confirmation of payments.
It expects that Swift will get confirmation from banks within two business days from the day of the transaction. While considering the deadline, the CBN advises banks to review the provided channels on Swift. It offers different ways of confirmation according to the CBN – automated or manual methods.
The basic tracker (manual), API calls, automated MT199 confirmations, batch confirmations, full GPi are the channels they can choose from. ISO 20022 is another method that will be available in 2022.
The CBN Director for Banking Service, Sam C. Okojere signed the circular which contains the message.
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