In the News

The Bank of England have provided the following CHAPS ISO 20022 migration update:

‘The migration of CHAPS to ISO 20022: Transition State 2 will now take place as a single event in April 2023, rather than two separate stages in June 2022 (migration from MT to MX (ISO) network) and February 2023 (enablement of enhanced data). Enhanced data will be immediately supported from April 2023; removing the need for an initial like-for-like implementation stage.’

Source: Bank of England

On behalf of the entire team here at Aqua Global Solutions, we would like to wish all of our friends a safe and joyful festive season.

As in previous years, instead of sending paper cards, we will be making a £1,000 donation to a charity. This year’s charity is the same as last year, namely the ARC Centre, who are a local organisation dedicated to supporting the welfare of wild animals.

Aqua Global is excited to take part in the SIBOS 2021 Perfect Pitch competition. The Aqua pitch explores how our system supports our partners in staying ahead of the ever changing banking environment.

SWIFT states ‘In the coming years it will be the de facto standard for high-value payment systems of all reserve currencies, supporting 80% of global volumes and 87% of value of transactions worldwide’

Source: https://www.swift.com/swift-standards/iso-20022/iso-20022-programme

Aqua Global is delighted to have received its confirmation from SWIFT that it has been added to ISO 20022 Cross-Border Payments and Regulation Plus (CBPR+) Vendor list.

Preparing for the mandatory introduction of the ISO 20022 MX message types can present significant challenges for an organization for many reasons. Aqua Global’s messaging hub provides a quick and cost effective solution to automatically process and generate native SWIFT messages (ISO 20022 and FIN). If required this will also provide an interface with a core accounting system.

ISO 20022

Universal Confirmations will go live on November 22nd 2020 and all FIN Users will be expected to provide a status update or Universal Confirmation to the SWIFT Tracker.

Organisations need to ensure they plan, prepare, embrace and benefit from the SWIFT gpi and Universal Confirmations initiative.

View how Aqua can assist here https://www.aqua-global-solutions.com/solutions/swift-and-compliance-initiatives/swift-gpi-and-universal-confirmations/

With less than 6 months to go, organisations need to decide on their strategy to achieve compliance with the SWIFT gpi/Universal Confirmations initiative.

If you would like to find out how to not only achieve this but to also maximise the benefits of the initiative, then please click on the White Paper below.

Adopting SWIFT gpi and Maximising the Benefits – Aqua Global Solutions

‘The Federal Reserve Banks will continue to collaborate with other high-value payment system operators to ensure a coordinated implementation approach. However, given the coronavirus (COVID-19), it is unlikely that we will announce a final decision on the ISO 20022 migration strategy before the end of this year, but we can provide an update on the status of Phase 1 of the migration. We will not implement the Phase 1 release in 2020 or 2021 and do not have any other message format changes for the Fedwire Funds Service planned through 2021.’

Source: https://www.frbservices.org/news/communications/052720-fedwire-iso-20022-migration-update.html

Aqua Global’s Duplicate Message and Fraud Detection Module safeguards an organisation from this problem arising as a result of accidental or deliberate actions.

The solution is highly flexible and can be configured to select exactly, what data elements in a message are to be used, to determine if a message is a duplicate or fraudulent. The solution can be configured for any service channel such as SWIFT FIN, ISO 20022, Local Clearing, mobile banking etc. as well as manual input.

For Further information please click here: https://www.aqua-global-solutions.com/wp-content/uploads/2020/04/Duplicate-Message-and-Fraud-Detection-Module.pdf

Due to the coronavirus pandemic SIBOS 2020 that was due to take place in Boston in October has been cancelled. SWIFT are currently exploring ways of sharing the content digitally throughout the week instead.

More info can be found here.