SIS SegaInterSettle AG, the Zurich-based ICSD, says it will offer its participants membership of a closed user group (CUG) which will allow them to hurdle the November 16 deadline set by SWIFT for conversion to the ISO 15022 message standard. By joining the SWIFT 7775 User Group, members will be in a position to send 7775 messages to SIS, while SIS will as from November 16, 2002, always respond using an ISO 15022 message. All SWIFT members should be in a position to accept ISO 15022 messages that were moved by SWIFT to ‘general use’ in November 2001.
SWIFT has long set 16 November 2002 as the date by which conversion to ISI 15022 vis mandatory, and insisted that processing of ISO 7775 messages will only be possible for members of a CUG – and then only for a limited period and against payment of penalty fees. It is well-known that a significant minority of SWIFT users will not be ready in time to adopt the new standard by November 16. Which has given SIS the opportunity to offer its users membership of a CUG which will see them through the transition period. SIS will transmit all messages to clients in compliance with the new ISO 15022 standard, regardless of whether its clients have sent their instructions in ISO 7775 or ISO 15022 format. This service will be available from 16 November 2002.