Volante supports SWIFT’s new standards
26 February 2018 New York
Image: Shutterstock
Volante Technologies has welcomed in SWIFT’s new 2018 standards, which includes a number of significant changes to the firm's messages used in payments, trade finance and securities.
The SWIFT 2018 standards state that payments messages must now implement the unique end-to-end transaction reference even if they are a member of SWIFT gpi.
There have also been updates to other message categories, the most significant of which will affect every user of the MT7nn category messages with major changes to existing messages and the introduction of three new messages relating to documentary credits.
These are the biggest changes introduced in trade finance in over a decade and represent the first wave of changes that will be completed in 2019.
Updates have also been made to the Treasury and Securities categories to support the second Markets in Financial Instruments Directive-related rules on transparency of fees.
Venkat Malla, vice president of product management at Volante Technologies, commented: “Volante is dedicated to helping firms overcome integration and messaging challenges in the complex world of changing message standards in payments and other business domains.”
“We continuously track and implement changes to standards so that clients can remain focused on their business rather than being unnecessarily distracted by the challenges of support and implementation of new messages and standards.”
“We take great pride in the fact that we can provide support for SWIFT 2018 within a matter of days. The speed with which we can react to new standards means that we give our clients ample time to adopt and test standards within their own environments so they can minimize the impact on originating and receiving systems and avoid rejected messages.”
The SWIFT 2018 standards state that payments messages must now implement the unique end-to-end transaction reference even if they are a member of SWIFT gpi.
There have also been updates to other message categories, the most significant of which will affect every user of the MT7nn category messages with major changes to existing messages and the introduction of three new messages relating to documentary credits.
These are the biggest changes introduced in trade finance in over a decade and represent the first wave of changes that will be completed in 2019.
Updates have also been made to the Treasury and Securities categories to support the second Markets in Financial Instruments Directive-related rules on transparency of fees.
Venkat Malla, vice president of product management at Volante Technologies, commented: “Volante is dedicated to helping firms overcome integration and messaging challenges in the complex world of changing message standards in payments and other business domains.”
“We continuously track and implement changes to standards so that clients can remain focused on their business rather than being unnecessarily distracted by the challenges of support and implementation of new messages and standards.”
“We take great pride in the fact that we can provide support for SWIFT 2018 within a matter of days. The speed with which we can react to new standards means that we give our clients ample time to adopt and test standards within their own environments so they can minimize the impact on originating and receiving systems and avoid rejected messages.”
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