IFSCA vide circular dated January 8, 2024 has issued directions to banking units for Improving processing timelines of cross border payments. IBUs may consider upgrading their existing messaging solutions so as to have continuous visibility of the status of a transaction by use of services like SWIFT GPI etc.
IBUs using SWIFT as messaging service may consider using MT 910 (Confirmation of credit message) instead of MT 940 (Customer Statement message) for crediting the accounts of its constituents after due internal approval of such change of process.
IBUs are further directed to undertake a study to document their existing method of processing cross-border transactions and how the speed of processing such transactions may be further improved. The study shall be conducted within a period of one month from the date of this circular and the findings shall be shared with the Authority by email to firstname.lastname@example.org.