Central 1 has successfully achieved compliance with a new SWIFT global mandate, beginning November 22, 2020 onwards, which stipulates that all SWIFT payments must include a final confirmation on its outcome, ensuring faster and more transparent tracing of wires for Central 1’s members and clients.
“Being able to track and confirm payments in real-time is fundamental in the world of modern commerce,” according to SWIFT, the global provider of secure financial messaging services.
“Central 1 is committed to ensuring our members and clients are positioned for growth, innovation, and at the forefront of Canada’s digital payments future,” said Central 1 Chief Digital and Payments Officer, Arvind Sharma. He continued: “Compliance with SWIFT’s universal confirmation mandate is another step forward in Central 1’s payments modernization strategy which aims to ensure our members and clients efficiently achieve compliance with Canada’s Payments Modernization timelines.”
SWIFT requires all banks in a payments chain to work together to bring this to reality by being able to update the SWIFT Tracker when a payment has been credited to the end beneficiary, rejected or transferred outside of the SWIFT network.
Central 1 worked with its fintech partner Expertus Service Bureau to ensure 99 per cent of payments confirmations were made within two days; a significant achievement considering the SWIFT mandate is 80 per cent compliance.
Sharma said: “This latest milestone demonstrates Central 1’s ongoing commitment to ensuring our clients are fully compliant, have effective risk management and payments processing, and are provided with opportunities to deliver new payments experiences for their customers as Canada moves towards modernized payments.”
For more information on Central 1’s payments products or services, or to learn more about our payments modernization strategy, contact us today.