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Closed User Group (CUG)

A subset of customers that have been grouped to use certain Swift services and products in a defined context (typically, the participation of customers in a market infrastructure, a Member-Administered Closed User Group, or a solution). Either Swift or a service administrator defines the eligibility criteria and participation in the Closed User Group.

Market Infrastructure Closed User Group (MI-CUG)

A Closed User Group implemented in support of a service managed by a market infrastructure (MI).

Member-Administered Closed User Group (MA-CUG)

Member-Administered Closed User Group. A Swift-operated, member-managed service that uses messaging service. The Member-Administered Closed User Group is designed to enable users that participate in the Closed User Group to exchange Swift messages bilaterally with the service administrator, or with the administrator-related participant.

Related links
Subscribe to MA-CUG service (www.swift.com)
MA-CUG Service Description

How Lloyds Bank is harnessing the power of Swift data to mitigate risk

News
Mark Brotherton, Director, Fraud & Financial Crime, Commercial Banking at Lloyds Banking Group, and his team of over 100 specialists, sit on the front line in the battle against financial crime. We spoke to Brotherton about how they have developed an automated approach to combatting risk by leveraging Swift's data solutions

Swift launches a new Business Continuity service to support High Value Payment Systems

News
Brussels, 10 March 2014 - Swift launches a new business continuity solution to support global payment systems. Developed by Swift, the Market Infrastructure Resiliency Service (MIRS) is a backup service for Real Time Gross Settlement (RTGS) systems - electronic platforms used for the continuous settlement of high value and multi-currency cash payments between banks.

3SKey makes its mark in Latin America

News
NEW YORK, June 25, 2012 ─ Swift, the financial messaging provider for more than 10,000 financial institutions and corporations in 210 countries, today announced that J.P. Morgan, BBVA and Santander are adopting 3SKey for authentication and digital signatures in Latin America. As the first banks to offer the solution within the region this development furthers Swift’s strategy to enable its customers to benefit from 3SKey on a global basis.

Swift announces distinguished speaker line-up for Business Forum London

News
Forum will explore how the financial industry is channelling the impact of disruptive forces.

Swift launches MyStandards Readiness Portal

News
Brussels, 26 February 2014 - Swift launches a new cloud-based application that eases the client onboarding process between financial institutions and their clients. The MyStandards Readiness Portal, developed in collaboration with the industry, builds on the success of MyStandards, a collaborative platform for standards management. The Portal allows users to test their messages against specifications and prove their ability to reach certain quality and straight-through processing rates, helping…

Leading global transaction banks kick off blockchain proof of concept with Swift GPI

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Swift’s proof of concept will determine if distributed ledger technology can help banks reconcile their nostro accounts in real time

ISO 20022 in bytes: Adoption and how to prepare

News
Over 14 high value payment systems have confirmed dates to adopt ISO 20022 in the next 4 years. With cross-border payments starting coexistence with ISO 20022 and Swift MT in November 2022 payments are converging on a consistent and rich data standard. Better quality data in payments will significantly improve customer experience, with faster processing, fewer manual interventions and costs, better remittance information and improved compliance. This is the second edition of “ISO 20022 in…

Frankfurt KYC Registry event attracts 70 compliance experts

News
Discussions highlight German banks' interest in community solution to reduce effort and cost of KYC compliance for correspondent banking.

SGX adopts Swift’s CSD Community Offering

News
The adoption of CCO will bring strong benefits to the Singapore marketplace

22 additional global banks join the Swift GPI blockchain proof of concept

News
With its global reach, Swift GPI is regarded by banks as the natural place to collaborate and innovate cross-border payments
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