• "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
  • "I am indeed impressed and have not experienced this level of support from a corporate vendor to date. Excellent choice!" Major South African FI
  • "Using Transformer has simplified the process of working with multiple industry messaging standards" Integration Architect, U.K Investment Manager
  • "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
  • "Independent tests scored Transformer at 100% for message transformation" SWIFT
  • "We were able to create, test and deploy mappings that took three months in XSLT within three business days" Latin American software company
  • "We are very happy to be working with Trace Financial" Vivek Awashti, Chief Technology Officer, Currencies Direct
  • "We think Transformer is a fantastic product and it is an integral part of our Enterprise Messaging strategy going forward" Major American FI
  • "Transformer is the only messaging technology that we have found that really can be used by a business analyst" Major European Investment Manager
  • "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
  • "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
  • "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’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
  • "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
  • "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
  • "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
  • "We implemented a SWIFT message in half a day; the programmer said it would normally take him five days " Tier One Global FI

SWIFT consults on ISO 20022 migration

27 April 2018

SWIFT has launched a major consultation on the future migration of its cross-border messaging services to the ISO 20022 standard.

Payment messages have always been at the heart of SWIFT and still account for some 50% of total traffic on the network. In recent years a number of new market infrastructures for payments have come onstream, and all of them are based on ISO 20022 messages rather than the older ISO 15022 based ‘MT’ standard. Over the next few years several more implementations are scheduled.

According to SWIFT, banks are increasingly interested in migrating the bilateral messaging traffic as well.

The formal consultation will run until early June, and a final report is expected by the end of 2018.

Harry Newman, head, banking, Swift, says: "ISO 20022 will deliver increased efficiencies, end-to-end STP, improved regulatory compliance, enhanced party identifications, and will enable new business opportunities in line with the gpi roadmap."