SWIFT gpi /Universal Confirmations – Are you prepared for the November 2020 deadline?

In November 2020, Universal Confirmations will become mandatory and all banks using SWIFT will need to enhance their service offering to ensure this.

Failure to adopt gpi will not only result in sanctions from SWIFT, it will also reduce the level of service an institution is able to offer compared to its competitors and increases the risk of customers and correspondents switching to alternative institutions that can provide payment tracking.

The approach taken by some core system vendors to achieve gpi compliance might require significant software upgrades which can create compatibility risks, as well as being very costly and time consuming.

Alternatively, Aqua Global’s e2gen solution can be integrated to the existing version of an institutions core system quickly and cost effectively allowing both the seamless adoption of gpi as well as other SWIFT ISO 20022 mandatory changes.