A payments industry body, the Payments Market Practice Group (PMPG), has endorsed the use of Swift messages for compliance with new intraday liquidity reporting requirements.

The PMPG is an industry forum for driving better global payments market practices, whose members include payment experts representing some of the world's biggest banks. The group has endorsed the use of Swift messages for intraday liquidity reporting, as required by the Basel Committee on Banking Supervision (BCBS).

Swift's messages for intraday liquidity reporting underpin a rulebook created by the Liquidity Implementation Task Force (LITF) to support compliance with BCBS requirements. Following community-wide consultation, the PMPG has made the decision to endorse the LITF guidelines.

According to Swift, the guidelines will help to alleviate the four most common issues:

• too few transactions reported on a real-time basis, especially in the Nostro space;
• lack of timeliness of reporting;
• lack of granularity of information provided and more specifically the lack of "time stamped" information; and
• lack of common definition and business practice of the current message types commonly used by the industry (FIN Cat9 messages).