Swift to Extend Old Standard and Charge Late Adopters
OPERATIONS AND STP
BRUSSELS--Swift, the industry-owned financial messaging firm, is worried that banks will not be ready for the changeover to a new ISO 15022 messaging standard in November, and it is preparing to offer continued support for the old ISO 7775 messaging standard beyond its planned phase-out date. It will also impose penalty charges on firms that do not comply to the new standard.
Swift officials say that even though users representing 90 percent of Swift traffic are either live on or testing ISO
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