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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

Swift appoints Fineksus as Business Partner for the Middle East and Turkey

News
Dubai, 8 April 2014 - Swift announces today that it has appointed Fineksus a Business Partner for the Middle East and Turkey.

Swift to launch Islamic Finance rulebook

News
New Message Usage Guidelines will enable straight-through processing for Islamic Finance.

Swift launches Islamic Finance Rulebook for international roll-out and adoption

News
Hong Kong, 18 June 2015 – Swift, in collaboration with The Association of Islamic Banking Institutions Malaysia (AIBIM) announce the launch of a new rulebook for the purpose of promoting message standards in the Islamic banking and finance market.

ISO 20022 in bytes for payments: Developments during coexistence continue to make progress

News
The start of the migration to ISO 20022 for cross-border payments and reporting in March 2023 marked a significant milestone for the payments industry. It showcased some of our core values around operational excellence, innovation, and close collaboration with our community being demonstrated with action. Since the start of coexistence, an average of 600,000 ISO 20022 messages were exchanged every business day between 1,000+ sending institutions and 5,600+ receiving institutions in more than…

ISO 20022 migration: will it be a marathon or a sprint?

News
The Swift community responded to the consultation on a proposed migration to ISO 20022. A report of the feedback received is now available.

Swift aligns KYC Registry with updated Wolfsberg Due Diligence Questionnaire (DDQ) for Correspondent Banks

News
Swift’s adoption of ‘Wolfsberg DDQ’ seeks to drive global standardisation in correspondent banking due diligence

Payment Service Directive 2 (PSD2) - Strong Customer Authentication

News
On 23 December 2015, the European Union published the second Payment Service Directive (PSD2) in their Official Journal. If all goes according to plan, this EU Directive will be transposed into national legislation and become fully applicable by early 2018.

Pago FX: Harnessing the power of Swift to deliver easy, low-cost international payments

News
PagoFX is an international money transfer app that lets users send money abroad quickly, easily and at low cost, yet with all the trust and security of a regulated bank. PagoFX has chosen Swift’s infrastructure to connect and send payments seamlessly. The ambitious next step is instant cross-border payments, account to account, anywhere in the world.

Preparing for ISO 20022: Ensuring interoperability

News
To help you prepare for the move to ISO20022, we are taking a number of initiatives to facilitate interoperability between MT and ISO 20022 messages during the coexistence period.

Major trade banks are digitising trade on Swift

News
We are leveraging our extensive platform connectivity to digitise Letter of Credit (LC) presentation, delivering new efficiencies and removing friction from global trade.
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