Norway's largest bank, DNB, is ready to switch to new online versions of both its front and back-end solutions that are already compliant with rigorous changes to SWIFT messaging protocols that do not now come into force until November 2021 according to the bank's technology provider, Surecomp.

Despite the deadline of the standby letter of credit (L/C) and guarantee messaging standard moving back a year to 2021, Surecomp reckons DNB's approach is exemplified by dozens of other financial institutions that have also been successfully tested and are ready to go live.

Ready in time

One of the first banks globally to be ready in offline as well as now online mode, DNB and other early adopters of the new systems have the advantage of being able to allocate funds, time and resources to other value generating initiatives safe in the knowledge that it is prepared to go live when needed.

"Having completed testing with no reported issues, we are extremely happy with the successful deployment of these SWIFT-compliant upgrades," according to IT application manager at DNB, Ankit Patel.

L/Cs and guarantees

The rigorous SWIFT updates feature changes to standby L/C and guarantee messaging.

Surecomp meanwhile says it is encouraging banks not to procrastinate and is further poised to deliver compliance readiness and a seamless transition for all of its customers across the globe.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.