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
Should regulators take a more active role when it comes to AI oversight, or leave it to the professionals? What will M&A look like in 2018?Subscribe to Weekly Wrap emails