Banking & Payments Committee (BPC)
The BPC reviews a wide range of strategic and policy matters associated with the banking and payments components of SWIFT’s business, with a view to ensuring that development of products and services reflects member requirements. It decides on matters that must be agreed upon at the national level, as they relate to the payments market, and publicises changes that impact the UK community. The BPC also reviews the quarterly SWIFT Board papers and evaluates and proposes changes to the annual SWIFT MT Standards Release in categories 1, 2 and 9. Finally, the BPC appoints UK representatives to the SWIFT Payments Maintenance Working Group (PMWG) and Payments Market Practice Group (PMPG).
Network & Interfaces Product User Group (NIPUG)
The NIPUG tracks developments to all technical aspects of the SWIFTNet service including policy, interfaces, network access, security, standards, system operation and messaging. It provides guidance and recommendations to SWIFT on technical and operational matters relating to the network and interfaces, and identifies opportunities for improvement. The NIPUG also provides feedback on the quarterly Technology & Production Committee (TPC) papers of the SWIFT SC Board.
Securities Advisory Forum (SAF)
The Securities Advisory Forum is focussed on opportunities to provide greater transparency, standardisation and straight through processing (STP) for securities transactions across the trade lifecycle. The Forum provides feedback and guidance to SWIFT on the on-going development and implementation of securities market strategy. It also provides guidance and recommendations on market and operational challenges relating to securities processing, monitors and evaluates the impact of broad-based trends across all current and emerging securities-related initiatives and proposes changes to the annual SWIFT MT Standards Release for Category 5 message types.
Corporate Access Group (CAG)
The Corporate Access Group is the expert market practices group established to support the SWIFT UK user community on corporate access to SWIFT. It tracks relevant corporate access initiatives and determines their potential impact on UK users, covering inter alia the activities of the SWIFT Corporate Advisory Group, which reports to SWIFT SC Board. The CAG provides a forum for SWIFT UK members to discuss and receive input on UK community views as they relate to corporate access. It improves understanding of the different issues that emerge as corporate access is developed and provides guidance to the global CAG on practical issues regarding interoperability and business practice.
Financial Crime & Compliance Advisory Group (FCCAG)
The Financial Crime and Compliance Advisory Group is focused on operational issues linked to correspondent banking, developing standards, policies and shared services in non-competitive areas linked to financial crime compliance. The Group provides UK input to SWIFT’s global Financial Crime and Compliance Advisory Group, providing a forum to exchange views on the operational impacts of regulatory developments on members.
Trade Advisory Group (TAG)
The TAG evaluates and proposes changes to the annual SWIFT Standards Release in relation to the Category 4 (Collection & Cash Letters) and Category 7 (Documentary Credits & Guarantees) MT message types. It monitors the activities of the SWIFT TFMWG (Trade Finance Maintenance Working Group), which develops and maintains these messages, and provides UK input where necessary. It also monitors and provides UK input into the Category 7 Working Group of the TFMWG, which began a review of the MT Category 7 and SCORE MT 798 message flows in October 2013.
Foreign Exchange & Money Markets Product User Group (FXMMG)
The FXMMG considers change requests put forward for the annual SWIFT Standards Release. The changes relate to the Category 3 (Foreign Exchange) and Category 6 (Commodities) MT message types. The Group also monitors the activities of the SWIFT Foreign Exchange and Commodities Maintenance Working Group, which develops and maintains these messages, and provides UK input where necessary.