SWIFT’s Journey from MT to ISO
ISO 20022 has been adopted by market infrastructures in 70+ countries replacing domestic or legacy formats as this is the key standard in next gen payment schemes, including instant payments, move to 24×7, supporting open banking over APIs, and others. In the next 5 years, ISO 20022 will dominate high value payments, supporting over 80% of transactions values worldwide.
This migration from SWIFT MT to ISO 20022 will usher in huge benefits to the financial services industry, as it improves end-to-end processing across domains and geographies that currently use vastly different standards and information formats.
Why You Need To Comply
The world is changing
In line with this agreed timeline, under the guidance of CBPR+ expert group, SWIFT will enable ISO 20022 messages for cross-border payments and cash reporting businesses, starting from August 2022, on opt-in basis, and November 2022 for general availability. However, to ensure minimum business disruption and give the banking community enough time to get their systems to upgrade to this new messaging standard, the old MT and MX messages will co-exist with the new gen ISO messages. It is up to the respective user groups to decide if they want to continue with the legacy system or get benefitted from the richer and structured data of ISO 20022.
Come 2025 the legacy system will completely stop working and all the financial institutions compulsorily have to move to the ISO 20022 for SWIFT messaging.
CBPR Plus Converter
‘CBPR Plus Converter’ is capable of parsing, building, and validating all CBPR+ message types while ensuring security and compliance with SRG (SWIFT Standards Release Guide) for both MT and MX Messages in the SWIFT Network, thus helping the banks to comply with the ISO 20022 message standards.