Swift Promotes New Settlement Instructions Format

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In just over a year from now, November 2013, Swift expects all standing settlement instructions (SSIs) to be migrated to a new format, MT 670/MT 671, which first launched last November. The current format, MT 074, which operates as a broadcast message, will still be available for the broadcast function, but will no longer be used for SSIs.

The MT 670/MT 671 format will work with the ISO 15022 securities messaging format and will make greater automation of settlement possible, according to Swift