• "Transformer’s ability to elegantly handle complex financial messaging scenarios is proof both of its power and of Trace's depth of understanding of the standards" SWIFT
  • "We are very happy to be working with Trace Financial" Vivek Awashti, Chief Technology Officer, Currencies Direct
  • "Using Transformer has simplified the process of working with multiple industry messaging standards" Integration Architect, U.K Investment Manager
  • "We were able to create, test and deploy mappings that took three months in XSLT within three business days" Latin American software company
  • "Transformer has brought a great deal of agility to the development of our next generation of payment frameworks, and also made it much more efficient" Vivek Awashti, Chief Technology Officer, Currencies Direct
  • "With such a powerful tool in place we’re now thinking of extending our message conversion services to other business areas" Sergei Putyatinsky, CIO, NSD Moscow
  • "Transformer is an integral tool within our technology infrastructure, helping to further accelerate the speed to market as we on-board clearing banking partners in new countries" Head of Product Management, Earthport
  • "Transformer … has enabled our business analysts and Quality Assurance team to create and comprehensively test financial message transformations" Capital Markets Service Provider and Reporting Authority
  • "Independent tests scored Transformer at 100% for message transformation" SWIFT
  • "We think Transformer is a fantastic product and it is an integral part of our Enterprise Messaging strategy going forward" Major American FI
  • "Transformer has … allowed us to use analysts rather than developers to build our mappings, improving our time-to-market, reducing cost and increasing the quality of our solutions" Integration Architect, U.K Investment Manager
  • "Transformer is the only messaging technology that we have found that really can be used by a business analyst" Major European Investment Manager
  • "We implemented a SWIFT message in half a day; the programmer said it would normally take him five days " Tier One Global FI
  • "From watching the demo I am able to use the product straight away and create and test complex messages and mappings quickly and easily" Regulatory Reporting Authority
  • "The in-built testing capabilities of Transformer have allowed us to validate the integrity of new message formats … much more quickly, and with greater confidence" Capital Markets Service Provider and Reporting Authority
  • "Transformer gives us more flexibility to support the diversity of our rapidly-growing client base, and to ease the integration process for new clients " Head of Product Management, Earthport
  • "With Transformer handling the complexity behind the integrations, our teams can concentrate on our payment product - instead of worrying about technical message transformations" Vivek Awashti, Chief Technology Officer, Currencies Direct
  • "I am indeed impressed and have not experienced this level of support from a corporate vendor to date. Excellent choice!" Major South African FI
  • "We are happy to have selected Trace Financial and to use Transformer as part of the overall solution" SWIFT

SWIFT Funds Migration to MX

SWIFT's Funds Migration Programme obliges funds players still using ISO 15022 (MT) messages for funds to pay more for their messaging, to encourage them to migrate to the more comprehensive ISO 20022 (MX) funds messages listed below.

Currently the older MT formats can still be used, though SWIFT applies higher costs for the use of these message types. Although the original plan was to phase the MT formats out completely in November 2015, SWIFT has now agreed to create a closed user group (CUG) at that point for remaining MT users, which will be kept in existence until two years after at least 90% of funds traffic is using MX. SWIFT state that "this CUG will not be open to everyone; new admissions will be challenged to ensure that the move to MX is still clearly in mind".

 

Transformer for MT and MX formats

With its powerful capabilities for working with both MX and MT formats, and its ready-built MT-MX mappings, Transformer is the ideal solution for firms looking to use MT formats from legacy systems as the source for funds MX message data.

Transformer can also create MX-compliant subscription, redemption and funds switch messages from data structured by in-house message standards, simpler formats such as fixed-width or comma-separated values (CSV), or by reading data directly from databases.

Find out more about Transformer's powerful functionality here


Funds migration - list of MX replacements for MT message formats

MT Description MX Description
MT502  Order to Buy or Sell  setr.001.001.03 Redemption Bulk Order
MT502  Order to Buy or Sell  setr.002.001.03  Redemption Bulk Order Cancellation Request
MT502  Order to Buy or Sell  setr.004.001.03 Redemption Order

MT502

Order to Buy or Sell  setr.005.001.03 RedemptionOrder Cancellation Request
MT502 Order to Buy or Sell 

setr.007.001.03

Subscription Bulk Order
MT502 Order to Buy or Sell 

setr.008.001.03

Subscription Bulk Order Cancellation Request
MT502 Order to Buy or Sell  setr.010.001.03 Subscription Order
MT502 Order to Buy or Sell  setr.011.001.03  Subscription Order CancellationInstruction
MT502 Order to Buy or Sell  setr.013.001.03 Switch Order
MT502 Order to Buy or Sell  setr.013.001.03 Switch Order
MT502 Order to Buy or Sell  setr.014.001.03 Switch Order Cancellation Request
MT509 Trade Status Message setr.016.001.03  Order Instruction Status Report
MT509 Trade Status Message setr.017.001.03 Order Cancellation Status Report
MT515 Client Confirmation of Purchase or Sale  setr.003.001.03 Redemption Bulk Order Confirmation
MT515 Client Confirmation of Purchase or Sale  setr.006.001.03  Redemption Order Confirmation
MT515 Client Confirmation of Purchase or Sale  setr.009.001.03  Subscription Bulk OrderConfirmation
MT515 Client Confirmation of Purchase or Sale  setr.012.001.03  Subscription Order Confirmation
MT515 Client Confirmation of Purchase or Sale  setr.015.001.03  Switch Order Confirmation
MT515 Client Confirmation of Purchase or Sale  setr.015.001.03 Switch Order Confirmation