Solution for ISO 20022 SWIFT Messaging - CBPR+

MT/MX Converter

Your one-step solution for ISO 20022 SWIFT Messaging

SWIFT’s Journey from MT to ISO

Cross-border Payments and Reporting Plus or CBPR+ specifications define how ISO 20022 should be used for cross-border payments and cash reporting on the SWIFT network. With adaptation of CBPR Plus, SWIFT initiates the progression towards standardization of its messaging to ISO 20022 in the space of cross border payment and reporting messages in the correspondent banking domain.

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 the year 2018, the group of professionals working in the financial institutions globally made the decision that starting November 2025 cross-border and correspondent banking messages will completely migrate from SWIFT MTs to ISO 20022.

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.

Notiva MT/MX Converter

With introduction of ISO 20022 for SWIFT transactions the banking fraternity especially in the area of cross border, cross currency transactions will go through a paradigm shift. Globally many banks will usher in these changes instantly whereas some other banks will take little more time to adopt to the new regime. In order to help such banks to complete a smooth transition without compromising their existing process, we have designed this unique product ‘Notiva MT/MX Converter’.

‘Notiva MT/MX 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.