This year, market uncertainty has encouraged SWIFT to delay many of their standards releases, including Category 7 for Guarantees/Standby Letters of Credit. However, this delay shouldn’t stop you from preparing to evolve.
In reality, banks are now presented with a valuable pocket of time in which they can choose to review operations, look for opportunity to advance, evolve and transform for the future of banking.
SWIFT - Category 7 changes
We have produced a short summary to help you understand the upcoming SWIFT changes, what you can expect, when you can expect it and how we, at Finastra, are responding to the delays.
Will you evolve for SWIFT Cat 7 changes?
Delays to SWIFT changes don’t mean that you should also delay. You have options, whether you decide to act now or not. Our decision tree helps you to understand what options are available and the potential outcome of each.
Making a smooth transition
Biji Kurian John, Principal Product Manager for Trade Finance, talks SWIFT Category 7 changes, what the changes mean for customers and how Finastra is responding.