The SWIFT 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 |
Useful Downloads
Transformer for SWIFT Brochure
Transformer for MT-MX Brochure
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