Sterci’s GTFrame has achieved SWIFTReady 2012 certification for the eighth consecutive year. GTFrame’s certification comes at a critical phase in the SWIFT Funds standardisation programme as the SWIFT board has confirmed a mandatory investment funds migration deadline for Q415. From this date, existing investment funds message templates (MT502, MT509, MT515) will be replaced by new MX Funds messages based on the ISO 20022 standard.
In preparation for this migration, there are a number of vital milestones. From Q113 for example, restrictions will apply with incentives in the form of price reductions for early adopters and more critically disincentives through a combination of traffic fee increases for those delaying the migration.
Sterci’s GTFrame hepls MT-MX migration as it already incorporates ISO 20022 libraries and associated validation rules as well as the ISO 15022 FIN MT libraries. In addition, any business application can use it to generate the new mandated messages and also translate MT to MX messages for non MX compliant counterparties.
Data from Swift’s latest RMB tracker shows exceptional growth in RMB adoption in the United Arab Emirates (UAE), witnessing a 210.8% growth in payments value of the currency since August 2014, albeit from a low base.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
Despite faster payment technologies, business-to-business payments by paper cheque show no sign of decline from three years ago.