Payment data quality in Fields 50 and 59 (Ordering and Beneficiary Customer)
With continued focus on payment transparency and evolving regulatory guidance, the SWIFT global community agreed to introduce structure to the Ordering and Beneficiary Customer fields, within customer payment messages on SWIFTNet FIN.
With the removal of narrative formatting options within these fields being implemented during Standards Release 2020, this session will discuss;
- The recent Payment Market Practice Group’s (PMPG) white paper on structured ordering and beneficiary party data in payments, focusing on the key messages of the PMPG paper.
- What Standard Release 2020 introduces to the global community, and explores the practical experience of navigating these changes now in readiness for the 2020 deadline. Why it is important to act now, what is involved, and which key lessons learned can be shared from the experience.