Finastra secures SWIFT Compatible Application label for Trade Finance

Monday 16 August 2021 13:00 CET | News

Finastra has secured the SWIFT Compatible Application label 2021 for Trade Finance.

The solution is ready to support customers ahead of the SWIFT SR2021 go-live in November 2021, which impacts Category 7 Guarantees and Standby Letters of Credit messages.

Banks around the world are facing many challenges due to the pandemic, and this leads to greater intensity when navigating the changes needed to ensure compliance with the SWIFT SR2021 for Category 7 Guarantees and Standby Letters of Credit messages. The new fields and message types, introduced as part of these upcoming changes, require banks and financial institutions to review existing business and operational processes for multiple trade finance products, domestically and cross-border, including the introduction of the new Undertakings functionality.

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Keywords: Finastra, SWIFT, trade finance, regulation
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech

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