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SWIFT Corner
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REMINDER
• In January 2018, EU has celebrated the 10th Anniversary of
SEPA
• 520m people are now covered by SEPA in 34 countries
• Unprecedented in payment systems history world-wide
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SWIFT Corner…
Where are we on SWIFT main projects?
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(1) SWIFT GPI
Over the last year and half, SWIFT has launched numerous
initiatives and projects which are key for corporates (e.g. GPI,
KYC register, SWIFTRef, etc…)
In December 2017, in London, SWIFT has organized the first
meeting “live” between corporates and banks on GPI
Pilot group on GPI is testing and determining the way it will
work (e.g. UETR reference with 35 characters to be generated in
order to track the payment from initiation until
reconciliation)
Objective: FIN live end of 2018 (MT 101+MT900) and FileAct live
end of 2019 (ISO 20022 pain.001+camt.53)… as we can see it is a
long path and it is not as easy as it looked at inception…
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GPI as we speak…
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GPI (Global Payment Innovation)
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GPI, the most awaited innovation in terms of cross border
payments
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(2) SWIFT KYC Register
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Pilot testing has been completed and decision should be taken by
SWIFT shareholders in the coming months. However, news seem
positive and we hope it will continue as it remains a key priority
for corp’s
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(3) Customer Security Program(CSP)
• SWIFT has issued a CSC Framework for the community• Mandatory
security controls establish a security baseline for all users• Must
be implemented by all users• Self-assessment questionnaire to be
submitted• To be accessible to all other users of SWIFT better to
be compliant• Issue for corp’s: are all Internal Controls and
security requirements
necessary especially for those using “Service bureau”? • The
marginal cost of last miles could be far more expensive than
the
benefits in terms of security. NFC’s should maybe benchmark
other corpusers to check up to where to go without going to far
• At the end of the day, SWIFT instead of costing less and less
(as before) is costing more and more given cyber risks and fraud
fighting
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SWIFT Customer Security Controls Framework (CSCP)
https://www.swift.com/myswift/customer-security-programme-csp/security-controls
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https://www.swift.com/myswift/customer-security-programme-csp/security-controls
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Contact Person
François Masquelier, ATEL
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