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Summary and Comments

(feel free to mail this page)


Category: 

Banking

Date: 

1997-09-25 12:26:15

Subject: 

International Bank Wire Transfers: Noncompliant S.W.I.F.T.

Comment: 

This, from Peter de Jager's discussion forum.

* * * * *

Here is the letter we received from SWIFT (Society for Worldwide Interbank Financial Telecommunications) dated 10 June 1997:

"This letter is to update you on the current status of the Year 2000 program running at S.W.I.F.T.. As you may be aware, S.W.I.F.T. launched a Year 2000 program in March 1996. The aim of this program is to ensure that all S.W.I.F.T. products are Year 2000 compliant. This program spans more than two years with a completion date of end 1998.

"By this date, all S.W.I.F.T. products still planned to be supported beyond the year 2000 (network as well as interface and other applications) will be fully Year 2000 compliant. During the course of the project, the Year 2000 compliant products will be released progressively. The exact release numbers and related dates will be communicated through the regular channels as soon as they have been finalised.

"An important part of the program is to ensure that testing facilities will be made available during 1998. Please also refer to the 1997 Standards Release Guide to find details on how to interpret the existing six digit value date within a FIN message. The SWIFT Bulletin will contain the latest news related to S.W.I.F.T. Year 2000 program. Thank you for your support.

"Yours sincerely,

"/s/ FIN Product Manager and Year 2000 Project Manager"


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