In the light of ongoing changes in the world of modern commerce, confirmations became necessary for a sound flow of money around the world. Otherwise, businesses would suffer from the consequences of delays and interruptions. Confirmations offer transparency and certainty for the bank’s customers that the funds have reached their destination and are available to the beneficiary.
Starting 22 November 2020, SWIFT mandates FIN users to confirm to the Tracker when a payment (MT 103) has been credited to the account of the beneficiary, placed on hold or transferred outside of SWIFT within a maximum of two business days following the value date in the MT 103.
AEG Universal Payment Confirmation (AEG-UPC) automates the process of sending a confirmation to the Tracker on the payment status in compliance with SWIFT requirements. AEG-UPC is already an integrated module in AEG gpi-PRO application if the bank is a gpi member. However, if the bank is not a gpi member, AEG-UPC can work as a stand-alone application to perform the confirmations to the Tracker automatically.
How it works
The application works as a middleware between the core banking applications and SWIFT interface. It formulates the payment confirmation or rejection received from the core banking applications for the received payments to update the SWIFT tracker by sending MT199 or calling the API to the connector. It also integrates with the functionalities of the back-office applications to help the bank to offer tracking capability and send confirmation to their clients.