CBN directs banks to confirm Swift transactions within 2 business days

The Central Bank of Nigeria (CBN) has directed all deposit money banks to ensure full compliance with Swift Universal Confirmation requirements by making sure that the confirmation gets to Swift within 2 business days of the performance of such transactions.

The banks are expected to confirm within that period whether the beneficiary’s account has been credited, payment is rejected, or if still pending and will be measured on whether they confirm 80% of their weekly payments.

READ: Senate investigates Nigerian banks over ATM, SMS, and maintenance charges

This disclosure was made by the apex bank in a circular to all banks and signed by CBN’s Director for Banking Services, Sam C. Okojere.

Part of the CBN’s circular reads, ‘’All banks operating in Nigeria are by this circular reminded of the need to ensure full compliance with SWIFT Universal Confirmations requirements. All SWIFT customers are required to provide on the outcome of all their incoming single customer payment (MT103) messages to SWIFT via tracker, also known as Universal Confirmations.

READ: Key ‘side-hustles’ Nigerian Bankers supplement their income with

‘’The confirmation should get to SWIFT within two business days on whether the beneficiary’s account has been credited, payment is rejected or pending. Please note that all financial institutions within the ecosystem will be measured on whether they confirm 80% of their weekly payments.’’

The statement notes that Swift offers different ways to provide the status update through automated or manual methods. The channels include the Basic Tracker-manual, API calls, Automated MT199 confirmations, Batch confirmation, Full GPI and ISO 20022 – Available from 2022.

The CBN advised all banks to review and select the appropriate channel that suits their operations with a view to meeting the deadline of November 22, 2020, set by Swift for compliance.