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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 Cheri McGuire as Chief Technology Officer

News
-    McGuire brings more than 30 years of international industry and government experience  -    Previously served as Group Chief Information Security Officer (CISO) at Standard Chartered

Financial industry agrees offshore RMB guidelines

News
Hong Kong, 13 February 2012 - As international use of the Chinese currency grew exponentially over the past eighteen months, financial institutions around the world identified important issues around efficient processing of payments, treasury and securities transactions using the renminbi (RMB). After initial discussions by groups of institutions in Hong Kong actively involved in settling offshore RMB across securities and transaction banking markets, the industry has now defined a new set of…

Turkmenistan and Uzbekistan communities join more than 3,500 financial institutions using Swift’s KYC Registry

News
Both financial communities will use industry-owned utility to help address growing KYC compliance challenges. Many of each countries’ banks are already users of Swift’s Sanctions Screening service.

ISO 20022 in bytes: The voice of the German community, Swift platform connectivity guidance and more

News
Welcome to the 4th edition of ISO 20022 in bytes. In this edition we’ve got a deep dive into how the German community is fostering harmonisation and interoperability of payments with CBPR+, by actively engaging in domestic and global working groups. Despite the unprecedented times we’re living through, the mobilisation of the Swift community to prepare for the adoption of CBPR+ (and HVPS+ for domestic payment systems) has been remarkable, with more than 60% having started their ISO learning or…

Swift enables instant 24/7 cross-border payments

News
-    Swift and Lloyds Banking Group announce world’s first go-live of gpi Instant connection in the UK, with benefits extending far beyond -    Builds on successful global trials and sets stage for broader adoption as instant becomes reality for cross-border payments

Swift Board names new Chair and Deputy Chair, completing leadership transition

News
Graeme Munro of J.P. Morgan elected Chair, bringing more than 30 years’ experience in technology, operations and risk management for banking, payments, trading and custody Samantha Emery of Lloyds Banking Group elected Deputy Chair, bringing extensive background in innovation, payments, and risk management from over 15 years in industry and regulatory roles

Swift enables instant 24/7 cross-border payments

News
Building on the success of a number of global trials, Swift GPI Instant has gained its first live link in the UK, with customers of Lloyds Banking Group now able to remit instant cross-border payments through Lloyds via the UK Faster Payments system. 

Swift and EBA CLEARING launched revamped EURO1/STEP1 Directory

News
New Directory version with enhanced functionality and usability

Swift launches MyStandards

News
New York, 14 May 2012 – Swift announces the launch of MyStandards, an innovative web-based application designed to facilitate the management of global standards and related market practices across the financial industry. The platform will be commercially available at the end of June 2012.

Sibos 2017: Equipping the community to fight financial crime

News
Swift’s financial crime compliance portfolio expands in response to evolving industry needs
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