SWIFT Achieves 99.5 Per Cent Threshold For ISO 15022 Compliance
With only six weeks remaining before the ISO 7775 Message User Group (MUG) is discontinued, SWIFT has announced that 99.5 per cent of all securities message traffic is now compliant with the ISO 15022 standard. Commenting on the announcement, Charles Welham, responsible for the ISO 15022 migration programme at SWIFT, said: ‘Our migration team has been proactively monitoring and contacting those institutions that are at risk of incurring MUG charges. We are continuing our efforts to support those customers still completing the transition to ISO 15022 and to help them reach 100 per cent compliance.’ As of 1 May 2003, the compliance threshold for ISO 15022 will be 100 percent. For those customers still sending ISO 7775 messages after this date, significant charges will be incurred, ranging from EUR 10,000 to more than EUR 45,000 depending on the global price tier of the customer.