News

SWIFT MT7 changes postponed until November 2021

01/05/2020

On 14 April 2020, SWIFT announced that it had decided to postpone the scheduled Category 7 changes for guarantees and standbys from November 2020 to November 2021. 

SWIFT’s advice stated:

“While mixed views came out of that consultation based on different levels of readiness and relating to different messaging categories, we have decided to prioritise for 22 November 2020 only those category 5 messages that are mandatory for regulatory compliance. This decision is a measure to ease pressure in particular among smaller banks that are often located in countries and communities that are hard-hit by Covid-19.” 

All other changes that were originally planned for 2020 (excluding category 5), in addition to any new changes agreed in the forthcoming SR 2021 maintenance cycle, will be activated in November 2021.” 

In the same letter, SWIFT announced that it had decided to cancel the Sibos 2020 event , scheduled to be held in Boston between 5-8 October 2020, but indicated that it is “exploring options to bring the global Sibos community together virtually on key thought-leadership topics” in a digital capacity that same week and beyond. 


Back to recent news

Recent News

Collyer Consulting 'virtual' Letter of Credit MasterClass 2020 24/07/2020

For many people that are based in the Middle East region, I have been conducting an annual Letter of Credit MasterClass for the last 10 years...more

ICC releases the 2020 Global Survey on Trade Finance incorporating an assessment of the impact of COVID-19 21/07/2020

The International Chamber of Commerce’s (ICC) 11th annual Global Survey on Trade Finance reveals that banks are optimistic about the evolving nature of trade finance, though unsurprisingly expect various industry-wide challenges and disruption as a result of the COVID-19 pandemic...more