SWIFT Standards Release 2018 Summary of Changes

Transcription

1 SWIFT Standards Release 2018 Summary of Changes July 9, 2018

2 Dear Infomediary Client: SWIFT has designated November 18, 2018 as the implementation date for the 2018 SWIFT Standards Release (SR2018). As your SWIFT service provider, BBH Infomediary invests heavily to prepare for this annual, industry-wide initiative to ensure a successful transition for all of our clients to SWIFT s newest standards. Each year our team of SWIFT experts coordinates hundreds of BBH Infomediary mapping updates in response to these messaging and market practice changes. In addition to the updates we maintain for our client specific SWIFT maps, BBH Infomediary also applies the required changes within the following on-line tool(s): InfoAction, Message Entry, and Message View and Repair. In general, the updates that BBH Infomediary manages relate to those standards changes that have been deemed mandatory by SWIFT. However, there are also optional changes that clients may consider in order to comply with certain market practice guidelines or a SWIFT counterpart's request. We recommend that every client reference the following SR2018 change summary books by following the attached link in order to assess any potential impacts to your organization. If you require further information, BBH Infomediary will be happy to provide a more detailed list of the standards updates as well as a copy of the SWIFT Standards Release Guide Please do not hesitate to contact your Relationship Manager if you have any questions or would like to discuss Infomediary SR2018 plans in greater detail. Best regards, BBH Infomediary Infomediary Client Service Infomediary.Support@BBH.com US Phone#: Option #2 UK Phone#: Option #2 Int'l Phone#: Option #2 US Relationship Management John Hartnett John.Hartnett@bbh.com Europe Relationship Management Keeva Doran Keeva.Doran@bbh.com Asia Relationship Management Lisa Wong Lisa.Wong@bbh.com

3 Table of Contents 1. BBH Infomediary Approach 2. SWIFT Standards Release (MT) Highlights 3. SWIFT Standards Release (MT) Details 4. Category 2 Changes: Financial Transfers

4 1. BBH Infomediary Approach In preparation for the SWIFT Standards Release each year, BBH Infomediary creates a project team to focus on the changes that impact all of our client work flows. This section provides an overview of the analysis approach and focus areas for our clients in implementing the Standards Release. BBH Infomediary has divided this into two categories for your convenience in identifying the impacts to your organization and follow-up with your providers. 1. Infomediary Product Modules and Tools The SR2018 updates will be made to ensure messaging compliance with all of BBH Infomediary's product modules and on-line tools. The BBH Infomediary products modules include InfoFX, InfoUploader SM, InfoRecon SM, Connect-to-Connect SM, InfoAction TM and InfoSettle. The Infomediary on-line tools include InfoMonitor, Message Entry, Message View and Repair, Data Manager, InfoFX Report Card, InfoFX Live, InfoSelf Service, and InfoReports. BBH Infomediary will be applying the required changes within the following on-line tool(s): Message Entry and Message View and Repair, as these are the only on-line tools requiring development changes to meet the new messaging guidelines. The changes are related to qualifiers and codes available within these BBH Infomediary applications. 2. File and Data Mapping Infomediary File Format (IFF) or Proprietary Format to SWIFT Format Mapping: BBH Infomediary clients utilizing a proprietary file format or one of many of the IFFs may be required to add or modify specific data fields in their files in order to prepare for some or all of the new requirements that result from this Standards Release. The changes to these files may be dependent on codes and qualifiers that will no longer be supported as of November 18, As a result, it is possible that SR2018 will require a development change by both Infomediary and its clients to ensure continued SWIFT compliance. These workflows may include files that contain SWIFT-formatted messages sent by clients to Infomediary via FTP/MQ/leased line that are enriched or transformed by Infomediary. Likewise, BBH Infomediary also suggests that clients that utilize Infomediary for inbound data routing from service providers review all related SR2018 changes. SWIFT Format to IFF or Proprietary Format Mapping: BBH Infomediary clients that have SWIFT flows translated into a proprietary file format may be notified of required changes as this may impact the file format, data in the file, or structure of the file that Infomediary creates. Infomediary will be assessing each message type to determine the impact to each client s specific file, denoting required mapping and development to support new field formats, qualifiers, and codes. As requirements are completed, Infomediary will schedule meetings with each client to discuss the recommended changes. SWIFT Format to SWIFT Format: BBH Infomediary understands that clients who send messages to Infomediary in a pass-through capacity are responsible for updating all applicable data formats in order to accommodate the SR2018. However, the Infomediary project team is available for guidance and messaging expertise as needed to support any questions as they arise. *Note: Any of the above mentioned file and data mapping changes may also include maps that support client workflows related to Infomediary product modules i.e. InfoFX and Connect-to-Connect

5 2. SWIFT Standards Release (MT) 2018 Highlights This section is intended to provide a high level overview of the changes for the SR2018. Please be advised that this section does not represent all changes related to the release; the subsequent sections of this document provide detailed field changes from a formatting perspective. BBH Infomediary plans to move all message changes into production on Saturday, November 17, Messages sent and received by BBH Infomediary from November 18, 2018 (08:00 EST / 14:00 CET) onward must comply with the SR2018 Standards. The main highlights of the SR2018 include the following changes: Category 2: User header block (block 3) must be present and must contain field 121 Unique End-to-end Transaction (UETR). Name and address format option added for when Chinese characters are necessary, and when use is bilaterally agreed, the Chinese Commercial Code e-table and guidelines must be followed as published. Change in usage rules when the cover method is used for a customer credit transfer: > Copy the content of field 20 of the MT 103 unchanged into field 21 of the related MT 202 COV > Copy the content of field 121, in the user header block, of the MT 103 unchanged into field 121, in the user header block, of the related MT 202 COV

6 3. SWIFT Standards Release (MT) 2018 Details This section is intended to provide the detailed changes for the SR2018. Please be advised that this does not represent all changes related to the release across every message type. This represents the critical changes and message types commonly utilized. Please note the following: This table has been sorted by message type then change type Text in blue indicates new SWIFT qualifiers, codes or fields Text in red indicates removed SWIFT qualifiers, codes or fields Sequence refers to the SWIFT message sequence O/M/C refers to Optional, Mandatory and Conditional

7 4. Category 2 Changes: Financial Transfers Message Type MT Name Sequence O/M/C Tag Qualifier Generic Field Name Detailed Field Name Changes MT 200 Financial Transfer for its Own Account MT 201 Multiple Financial Transfer for its Own Account MT 202 Transfer N/A M 58a N/A Beneficiary Beneficiary Usage Rules: When Chinese characters are necessary and when use is bilaterally agreed, the Chinese Commercial Code e-table and guidelines must be followed as published in > Standards > Document centre > Market Practice > Chinese Commercial Code etable Information. MT 202 MT 202 Transfer Transfer MT 202.COV Transfer A M 58a N/A Beneficiary Beneficiary Usage Rules: When Chinese characters are necessary and when use is bilaterally agreed, the Chinese Commercial Code e-table and guidelines must be followed as published in > Standards > Document centre > Market Practice > Chinese Commercial Code etable Information.

8 MT 202.COV Transfer A M 21 N/A Related Related Usage Rules Where an inward MT 202 COV results in an onward MT 202 COV or MT 205 COV, or an inward MT 205 COV results in an onward MT 202 COV, the following must be taken into account: the reference from field 21 of the inward message must be passed, unchanged, in field 21 of the onward message; the reference from field 121 in the user header block of the inward message must be passed, unchanged, in field 121 in the user header block of the onward message. Where an inward MT 202 COV results in an onward MT 202 COV or MT 205 COV, the reference from field 21 of the inward message must be passed on unchanged in field 21 of the onward message. MT 202.COV Transfer N/A N/A N/A N/A N/A N/A User header block (block 3) must be present and must contain field 119 Validation Flag, with code COV, and field 121 Unique End-to-end Transaction (UETR). In cases where the sender is acting as intermediary and a UETR was present in the received message, the UETR must be passed, unchanged, to the next message in the transaction chain. In all other cases, a new UETR must be used. Details of the format of the user header block and field 121, and also the required order of fields in the user header block, can be found in the FIN Operations Guide. To trigger the MT 205 COV format validation, the user header of the message (block 3) is mandatory and must contain the code COV in the validation flag field 119 ({3:{119:COV}}).

9 MT 202.COV Transfer A M 21 N/A Related Related Where an inward MT 202 COV results in an onward MT 202 COV or MT 205 COV, or an inward MT 205 COV results in an onward MT 202 COV, the following must be taken into account: -the reference from field 21 of the inward message must be passed, unchanged, in field 21 of the onward message; -the reference from field 121 in the user header block of the inward message must be passed, unchanged, in field 121 in the user header block of the onward message. Where an inward MT 202 COV results in an onward MT 202 COV or MT 205 COV, the reference from field 21 of the inward message must be passed on unchanged in field 21 of the onward message. MT 203 Multiple General Financial Transfer N/A M 58a N/A Beneficiary Beneficiary Usage Rules: When Chinese characters are necessary and when use is bilaterally agreed, the Chinese Commercial Code e-table and guidelines must be followed as published in > Standards > Document centre > Market Practice > Chinese Commercial Code etable Information. MT 203 MT 204 Multiple General Financial Transfer Financial Markets Direct Debit Message MT 205 Financial A M 58a N/A Beneficiary Beneficiary Usage Rules: When Chinese characters are necessary and when use is bilaterally agreed, the Chinese Commercial Code e-table and guidelines must be followed as published in > Standards > Document centre > Market Practice > Chinese Commercial Code etable Information.

10 MT 205 MT 205 Financial Financial MT 205.COV Financial A M 58a N/A Beneficiary Beneficiary Usage Rules: When Chinese characters are necessary and when use is bilaterally agreed, the Chinese Commercial Code e-table and guidelines must be followed as published in > Standards > Document centre > Market Practice > Chinese Commercial Code etable Information. MT 205.COV Financial A M 21 N/A Related Related Usage Rules Where an inward MT 202 COV results in an onward MT 202 COV or MT 205 COV, or an inward MT 205 COV results in an onward MT 202 COV, the following must be taken into account: the reference from field 21 of the inward message must be passed, unchanged, in field 21 of the onward message; the reference from field 121 in the user header block of the inward message must be passed, unchanged, in field 121 in the user header block of the onward message. Where an inward MT 202 COV results in an onward MT 202 COV or MT 205 COV, the reference from field 21 of the inward message must be passed on unchanged in field 21 of the onward message.

11 MT 205.COV Financial N/A N/A N/A N/A N/A N/A User header block (block 3) must be present and must contain field 119 Validation Flag, with code COV, and field 121 Unique End-to-end Transaction (UETR). In cases where the sender is acting as intermediary and a UETR was present in the received message, the UETR must be passed, unchanged, to the next message in the transaction chain. In all other cases, a new UETR must be used. Details of the format of the user header block and field 121, and also the required order of fields in the user header block, can be found in the FIN Operations Guide. To trigger the MT 205 COV format validation, the user header of the message (block 3) is mandatory and must contain the code COV in the validation flag field 119 ({3:{119:COV}}). MT 205.COV Financial A M 21 N/A Related Related Where an inward MT 202 COV results in an onward MT 202 COV or MT 205 COV, or an inward MT 205 COV results in an onward MT 202 COV, the following must be taken into account: -the reference from field 21 of the inward message must be passed, unchanged, in field 21 of the onward message; -the reference from field 121 in the user header block of the inward message must be passed, unchanged, in field 121 in the user header block of the onward message. Where an inward MT 202 COV results in an onward MT 202 COV or MT 205 COV, the reference from field 21 of the inward message must be passed on unchanged in field 21 of the onward message. MT 210 Notice to Receive N/A C 50a N/A Ordering Customer Ordering Customer Usage Rules: When Chinese characters are necessary and when use is bilaterally agreed, the Chinese Commercial Code e-table and guidelines must be followed as published in > Standards > Document centre > Market Practice > Chinese Commercial Code etable Information. MT 210

12 MT 290 MT 291 MT 295 MT 296 MT 298 MT 299 Advice of Charges, Interest and Other Adjustments Request for Payment of Charges, Interest and Other Expenses Requests information relating to a previous message or amendment to a previous message Responds to an MT 295 Queries message or an MT 292 Request for Cancellation or other message where no specific message type has been provided for a response Contains formats defined and agreed to between users and for those messages not yet live Contains information for which no other message type has been defined

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