Did You Know? ISO 20022 is already used by payments systems in over 70 countries!

27th April 2021

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 a SWIFT ISO 20022 Cross-Border Payments and Regulation Plus (CBPR+) ready Vendor

15th January 2021

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 MT-MX Transition

SWIFT gpi / Universal Confirmations Deadline – Just over 7 weeks to go!

29th September 2020

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/

SWIFT gpi / Universal Confirmations- Less than 6 months to go

8th June 2020

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

ISO 20022 Fedwire Update

4th June 2020

‘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

Duplicate Message and Fraud Detection Module

22nd April 2020

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

SIBOS 2020 has been cancelled

17th April 2020

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.

ISO 20022 migration – updated timeline

8th April 2020

SWIFT FIN
The initiation phase has been delayed from 2021 to 2022, however, the migration completion date remains 2025.

TARGET2/EURO1
The deadline has been not been affected and remains 2021.

CHAPS
Phase 1 (preparation phase) whereby both the like for like and enhanced message ISO 20022 schema will be published, is due to be completed in 2020. The date of completion for Phase 2 (Introductory phase) remains 2022, however, although direct participants will still only be required to send like-for-like data content in this phase, they must now be able to receive and (if required) pass-through enhanced data. Phase 3 (enhancement phase) is scheduled to be completed in 2023 and will require all direct participants to be able to also send the enhanced messages.

Fedwire/CHIPS
The Phase 1 initiation date has been delayed and will not begin on November 2021, however, currently the predicted migration completion date remains 2023.

SWIFT Customer Security Programme (CSP)

1st April 2020

Aqua can provide solutions to many of the vulnerabilities that are detailed in the “SWIFT Customer Security Controls Framework Detailed Description” available on the SWIFT website and hence improve security and reduce the risk of fraudulent activity.

These solutions include:
– SWIFT Lau
– SFTP/MQ
– Two Factor Authentication (2FA)

SWIFT CSP Factsheet: SWIFT Customer Security Programme (CSP) – Aqua Global

If you would like to schedule a call to discuss how Aqua can potentially assist your bank then contact Aqua on +44 (0)20 8544 3200 or email info@aqua-global-solutions.com

ISO 20022 – SWIFT delays the start of the cross-border migration

25th March 2020

SWIFT has announced a 12 month delay to the start of the ISO 20022 migration, with the board announcing the following:

‘Acting on feedback from the community, SWIFT will enable ISO 20022 messages for cross-border payments and cash reporting businesses starting from the end of 2022, which extends the originally announced date by one year, so that banks can adopt at their own pace, and reduce the total industry costs of realising the benefits of ISO 20022 together with the new platform.’

For further information please click here: https://www.swift.com/standards/iso-20022-programme/timeline