The countdown to the end of Bilateral Key Exchange has started
Are you ready for live RMA?
Published on 20 June 2008
On 20 June 2008, nearly all customers — 99.7 percent — are activated for live RMA. Eighty eight and a half percent of these customers have demonstrated live RMA usage. They have successfully sent and received a live RMA authorisation message to themselves. This is an important step in preparation for the end of Bilateral Key Exchange, which is scheduled on 27 September 2008.
SWIFT is now closely working with the customers who have not yet demonstrated live RMA readiness to make sure they complete this step by the end of June. After this date, penalties will apply.
To ensure operational readiness, it is recommended that customers repeat the sending/receiving of a live RMA authorisation to themselves on a monthly basis until 27 September 2008.
SWIFT will waive the RMA service fee in the last quarter of 2008 for customers who demonstrate live RMA usage before the end of June and repeat the exercise in July.
What do customers need to do next?
As described in the
RMA planning guide – section 5.4, customers can now prepare for the RMA cutover in the fourth quarter of 2008. One of the tasks that must be performed is the execution of the RMA bootstrap process, to convert active relationships into RMA authorisations. By the end of 2008, all customers must cutover to RMA and stop sending messages with Message Authentication Code (MAC) trailers.
Related links