What happens if I don’t confirm 80% of my payments?
Our free Basic Tracker enables financial institutions to access basic payment search and tracking features, as well as manually confirm their customer payments to comply with the Universal Confirmations mandate.
Many financial institutions are already using the Basic Tracker and enjoying access to these features. From 22 November this year (SR2020), there will be new rules in place to ensure that institutions comply with Universal Confirmations.
Here’s what you need to know:
- All Financial Institutions (in specific categories) are measured on their Universal Confirmations compliance since May 2020 (you must provide an update to the Tracker within two business days of receipt of the instruction).
- Initially, this will only be visible to yourself and will not impact the locking/unlocking of basic tracking features until SR2020. This information will be available as a separate tab in the Basic Tracker (Note: for gpi members, your Universal Confirmations performance for all your BICs is already available in Observer Insights since December 2019.)
- From 1 June 2021, your Universal Confirmations compliance will become visible to the whole community, in the Observer Insights (for gpi members) and in the Basic Tracker Observer (for non-gpi members).
- A simple traffic light system will be in place to monitor compliance and will work accordingly:
- Green indicates institutions are fully compliant.
- Orange indicates institutions are not compliant for one week. In the case of an orange indicator, institutions have 12 weeks to reach compliance before being issued a red rating.
- Red indicates institutions that are not compliant and have missed the 12-week compliance cut off.
Please note: The improvement period starts before SR2020, from 5 September 2020. Therefore, if financial institutions are still not compliant two weeks after SR2020, they will become red and therefore lose access to the search and tracking functionality on the Basic Tracker.