SWIFT Implements a Change Request Forum for Communal Change

SWIFT (Society for Worldwide Interbank Financial Telecommunication), a global provider of secure financial messaging, is launching its Change Request Forum (CRF), which was designed to provide a nexus for communal feedback and communication, per a recent SWIFT statement.

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On an annual basis, SWIFT extends a maintenance process within its comprehensive community to request formal changes to the MT messages. Such change requests are also subject to a variety of measures from the community as a whole, including feedback mechanisms, dissemination, and consultation – eventually, this process culminates in the adoption or rejection of new measures in for messaging.

Previously, this process was conducted by such mediums as email, which presents an inherent difficulty in overall reach. Consequently, SWIFT has introduced its CRF, which acts as a free service and feature of its existing MyStandards utility – in doing so the CRF will aim to help kindle information sharing and more unified collaborative feedback for its messaging community.

Moreover, the CRF will also enable the publication and streamlined dissemination of CRs throughout SWIFT’s global community, allowing for the posting of comments, and the endorsement of such feedback from others. The CRF utility is slated for a July 2016 release.

According to Stephen Lindsay, Head of Standards at SWIFT in a recent statement on the CRF: “We strongly believe that this initiative will provide a more structured communication, will ensure greater community participation and will improve collaboration amongst stakeholders. Both SWIFT and the user community recognise that information-sharing and feedback process would be improved by using a central, common, collaborative platform.”

Late last month, SWIFT made headlines after it inked a memorandum of understanding (MOU) with China’s Cross-border Interbank Payment System (CIPS), helping integrate China with the broader global SWIFT community. The MOU helped strengthen China’s overseas payment capabilities via SWIFT’s globally utilized infrastructure.