The International Financial Services Centers Authority (IFSCA) on January 08, 2024, issued an advisory regarding improving processing timelines of cross-border payments
The following has been stated namely: -
• It has advised the IBUs to implement the suggestions for the purpose of improving the time taken for processing cross-border payments.
• It states IBUs may consider upgrading their existing messaging solutions so as to have continuous visibility of the status of a transaction by use of services like SWIFT GPI etc.
• It states that IBUs using SWIFT as a messaging service may consider using MT 910 (Confirmation of credit message) instead of MT 940 (Customer Statement message) for crediting the accounts of its constituents after due internal approval of such change of process.
• It is further directed to undertake a study to document their existing method of processing cross-border transactions and how the speed of processing such transactions may be further improved.
• The study shall be conducted within a period of one month from the date of this circular and the findings shall be shared with the Authority by email to [email protected].
[Circular No. IFSCA-FMPP0BR/12/2023-Banking]
