ASEE Enables SWIFT Standards MT Release for 29 Banks in Serbia, BiH, Montenegro and Croatia
SWIFT regulation changes with short deadlines have demanded amendments in the processes of foreign payments for all banks using ASEE Core Systems in four countries.
The new regulation in SWIFT Standards MT releases from November 2020 and 2021 have introduced better tracking of processes with Bond certificates, reducing blanks in transaction flows and a higher number of mandatory information for SWIFT users.
In 2020, it was enabled to send to SWIFT Tracker the confirmation of user account approval, message of transaction rejection or pending status for a number of reasons through the confirmation messages with an automated part of the process, for all banks that are not in the GPI transaction tracking system. For the end clients, it provides added transparency and richer information, such as transaction status in the whole payment cycle and processing the incoming funds.
In November 2021, a new release came into force with changes that were extended from the previous year and included the changes of Single Customer Credit Transfer (MT103) and General Financial Institution Transfer (MT202COV) messages, with information about ordering and the beneficiary customer, which implies enabling new validation rules. Also, there have been significant changes to the messages related to the issuance and annexation of the guarantee, with additional messages for requests for payment or extension, refusal to extend the deadline, refusal to pay, and response to the annex while maintaining the existing system of sending and receiving the messages. The changes have contributed to better monitoring of the process of working with guarantees and more necessary information to SWIFT users in the business process. A great number of banks that had to implement it simultaneously combined with short deadlines made this project one of a kind for ASEE to deliver. The scope included changes in the foreign payment system for 29 banks in Serbia, Bosnia, Montenegro, and Croatia, all working on the ASEE core system, all according to SWIFT requirements.
It was completed as scheduled, with two major releases one year apart.