SWIFT 2015 Changes – Payments

The changes to field 59 scheduled next year, and which have been in the public domain for a long period of time have shrouded the recent changes which provide, in my mind, an opportunity for develop the customer relationship. I refer to the new time stamp fields in the MT900 and MT910. The purpose, as defined, is the time at which the accounting entries are posted.

The opportunity exists for Banks to use this field as a sender to provide the detailed information to their Vostro/Loro account holders regarding the actual (+/- a few minutes) that a debit or credit was posted. This will assist in the formulation of information required for reporting under the new BCBS248 Intraday Liquidity Management Reporting that comes into effect in January 2015. Conversely, banks can ask their Nostro Account holding banks to equally supply this information.

There were already concerns about meeting the January date for detailed reporting so the delay to November 2015 to receive this level of granular information is not such a protracted gap with potential minimal effects especially as it is uncertain that the recipient Central Banks for the reporting will be in a position to receive and manage the data provided

Once the information of timestamp is received from a Nostro account Bank, then it will be possible to map transactions and balances intraday to provide a more realtime analysis of what exposure was created at the Nostro Bank.

Whilst field 59 was all about meeting the desire of Sanctions, the changes to MT900 and MT910 are an opportunity

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