Swift User Group Meeting for Iraqi Banks

October, 2018

ICSFS was privileged to speak at Swift’s User Group Meeting for Iraqi banks, that took place in Amman, Jordan on 3 October, 2018. ICSFS’ team showcased its financial services provided by its awards-winning solution, ICS BANKS banking software suites, emphasising on our global presence, especially in the Iraqi Banking Software Market, where ICSFS is dominant, with 23 banks that are long-term users of ICS BANKS banking application.

Our team of experts who joined the User Group meeting and showcased the latest required modifications on ICS BANKS Remittances and ICS BANKS Trade Finance to comply with SWIFT MT Standards release for 2018, and emphasised on the latest technologies ICSFS provides to its customer to support their business growth in the Iraqi banking sector, and introduced our readiness on cloud adoption in Iraq. Our team also demonstrated ICS BANKS’ scalability which supports all sizes of banks, focusing on today’s digitisation age through showcasing ICS BANKS Digital Banking software suite.

ICSFS is always ready and is ahead of time in compliance with new standards and regulations, as we have adopted the latest SWIFT MT Standards release, ensuring that the message types (MTs) exchanged by SWIFT remain suitable for the business areas in which they are used, by enabling new business functionality and compliance with changing regulations. 

ICSFS has already prepared its users on using the new standards before the actual go-live of the SWIFT MT Standards release, where ICSFS’ applications are compliant-ready with SWIFT MT Standards release, such as generating mandate field 121 (UETR) in header block 3 for MT 103, MT 202 and MT 202 COV, as well as reading and forwarding the same UETR to the next bank in the transaction chain if field 121 (UETR) is present in the received message. 

Also, ICSFS demonstrated the changes done on Category 7 “documentary credits”, to adopt the new Z characters set and to enlarge the capacity of MT 707, to be more in line with the MT 700, MT 710, and MT 720, with structured fields for amendment details instead of the few free-format fields that were used in the past.

Share this Article