Tuesday, August 29, 2023

how should monitor for recycled UETRs?

 To monitor for recycled UETRs in SWIFT Alliance, you can use the UETR recycling prevention measures implemented by SWIFT. SWIFT monitors monthly the transaction owners who fail the validation rules and informs customers via email or Service Manager from May until November 2021

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 Additionally, SWIFT has implemented a new rule to identify transaction owners and a NAK rule to reject payment messages that contain reused UETRs
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 SWIFT also logs any occurrences of UETR recycling and alerts customers
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 To avoid UETR recycling issues, it is advised to follow market practices and guidelines provided by SWIFT
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The UETR is generated automatically by SWIFT Alliance when a payment message is created. For customers using Alliance Entry and Alliance Access (as of version 7.2.5), functionality is built into the software to automatically generate a UETR in the header block 3 of the payment message
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 The UETR is a string of 36 unique characters featured in all payment instruction messages carried over SWIFT
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 It is designed to act as a single source of truth for a payment and provide complete transparency for all parties in a payment chain, as well as enable functionality from SWIFT gpi, such as the payment Tracker
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