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The evolution of exceptions and investigations messaging and flows
Journal of Digital Banking,
9
(2),
138-149
(2024)
Abstract
This paper aims to provide the reader with information concerning the migration of exceptions and investigations (E&I) messages from the FIN MT format to the ISO 20022 format. In addition to this format migration, there are improvements that Swift will implement as part of their Case Manager product, such as smart routing of E&I messaging, automated confirmation of receipt messages and automated reminder generation. These enhancements will bring many benefits for financial institutions, such as cost reductions, due to a decrease in the number of cases being raised (ie no need to raise a case when playing the role of an intermediary for some investigation types), increased automation due to the new, structured elements of the ISO messaging format and clear investigation types, speed of resolution due to the smart routing logic and reduction of messaging legs required and fewer processes for operators as generation of the confirmation of receipt and the reminder/chaser messages are initiated by the Case Manager rather than requiring an operator to initiate these. This paper provides an overview of the ‘As is’ and ‘To be’ message formats and flows to enable the reader to fully understand the benefits that this migration will bring and the changes that will be mandated within the industry in the E&I space.
Keywords: exceptions; investigations; camt.110; camt.111; E&I; ISO 20022
The full article is available to subscribers to the journal.
Author's Biography
Chloe Jenkins is the current Chair for the UK Banking and Payments Committee and the UK Representative for the Payments Market Practice Group. She has performed multiple payment technology subject matter expert roles and represents the UK within the Swift Cross Border payment working group, working alongside Swift and other Payment subject matter expert representatives from across the globe to help define the messaging standards and translation logic being utilised within the cross-border payments network. She chairs the UK and Ireland Swift CBPR+ Shadow group, providing feedback as well as consulting with the UK and Irish banks to represent a community view. In addition, she sits on the Payment Standards evaluation group, evaluating changes being made to the ISO messaging standards. Chloe previously worked for Finastra as a consultant on their Global PayPlus Payment engine product for two years. This was a role that she moved into after working for Citibank (London and Dublin) within payments technology for seven years. During her time at Citibank, she worked alongside the operational and technical teams to implement new payment engine platforms across multiple branches globally.
