ISO 20022 – The new (old) standard

ISO 20022 (MX) messaging is making rapid progress. Adoption is being driven forward by a wide range of major projects, such as 

  • CBPR+
  • Target2
  • Euro1
  • Lynx
  • CHATS
  • MEPS+
  • HVPS+
  • FedNow
  • Lynx
  • EFT
  • CHIPS
  • CHAPS

But given the huge numbers of financial institutions that still rely on ISO 15022 (MT) messaging, the larger and more globally oriented banks will need to support both MT and MX for some years. This is ‘coexistence’, and its most challenging aspect is the need to reliably and accurately convert between MT and MX formats in both directions.  For example, TARGET2 has migrated to MX, but its participant banks continue to communicate with many correspondent banks using MT formats.

Many banks also have legacy systems which can only handle MT messages, so MT-MX conversions are needed internally.

Transformer offers a complete solution which fully solves the complex issues involved in bi-directional mapping between MT and MX formats. 

Ready-built MT-MX Mappings 

Building on Transformer’s powerful capabilities in SWIFT messaging, Transformer for MT-MX comprises the complete set of both ISO15022 and 20022 (MT and MX) message definitions, along with completely realised mappings for numerous MT-MX pairs. These mappings use a range of special mapping functions created by Trace Financial to handle the conversion of the most complex message components.

A complete solution to MT-MX coexistence has to be both customisable, to address the specific needs of each organisation, and maintainable, to allow for future changes in the standards.

Transformer’s MT-MX mappings are easy to customise and maintain. Transformer requires no coding and keeps technical formatting such as tags in the background. This means that the analyst or developer can design and build changes to the mappings directly, with no error-prone hand-off to a separate coding team.  

For MT-MX coexistence Transformer offers a complete and robust solution that is available today.  

CBPR+ Compliant

Transformer was one of the first vendor’s to be certified as “CBPR+ ready by Swift in July 2020

https://www.swift.com/standards/iso-20022/iso-20022-programme/iso-20022-vendors/iso-20022-self-attestation-tests-payments?page=2