New offering allows institutions and market infrastructures to translate messages from any format to ISO 20022 or MT
SWIFT is launching a message translation offering that will allow users to define and validate messages from any format to ISO 20022, streamlining the process of migrating to a new standard.
As many market infrastructures (MIs) move to ISO 20022, financial institutions using older or proprietary message formats must ensure their messages remain compatible. Many legacy systems will need to be upgraded in order to process the new standards. This can be a costly and labour-intensive process, placing further time pressures on institutions and increasing operational risk.
SWIFT Translator provides users with a new offering to tackle these challenges, making it easier, faster and more efficient for institutions to define, validate and translate messages. With the first phase of the offering available in early 2018, institutions will be able to:
- Customise and define formats and translation rules
- Translate messages to a new format and validate messages against defined formats, ensuring pre-defined rules are followed correctly
- Easily maintain standards as they evolve, reducing manual input required
In addition, SWIFT Translator is a network-agnostic and flexible solution, allowing users to implement it where most appropriate, including within back office and middleware applications. The offering is complemented by existing SWIFT products, with MyStandards customers able to link directly with SWIFT Translator. For example, MyStandards users can define translation rules to a format previously defined in MyStandards as well as validate messages against pre-defined formats.
Fabien Depasse, Head of Standards Products at SWIFT, comments: “Migration to a new harmonised standard is a lengthy process and we understand the challenges faced by large and small institutions alike in moving to ISO 20022. Institutions must be able to reduce the risks associated with the migration process and translate messages in a cost-effective and efficient manner.
“SWIFT Translator addresses this market need whilst reducing development costs by up to 50% compared to manual implementation. With over 40 years of experience and expertise in developing industry standards, SWIFT is uniquely positioned to deliver this innovative new offering.”
SWIFT is a global member owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.
Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.
As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern.
Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.