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Get ready for ISO 20022 for CBPR+

Get ready for ISO 20022 for CBPR+

Standards,
4 May 2022 | 3 min read

Make sure you're fully prepared for November 2022

From November 2022, any participant can begin sending ISO 20022 cross-border payments and reporting (CBPR+) messages on the SWIFT network. So, you need to be ready to receive ISO 20022 messages and process either the ISO 20022 message or the translated MT that will be embedded within it by our In-flow Translation service.

This means that even if you’re not adopting ISO 20022 this year, you still need to ensure you're ready for the start of the coexistence period from November 2022.

It’s important to begin your preparations now. Completing your testing journey will be essential to your readiness.

What you need to do

To ensure readiness, the critical steps are to upgrade your messaging interface, configure connectivity to the FINplus service, prepare the Relationship Management Authorisation (RMA) setup for FINplus and, of course, test, test and test again.

Not being ready will mean a break in the continuity of your business operations, with payment instructions coming from your correspondents that cannot be processed.

Here to support you

The SWIFT community decided to adopt ISO 20022 for cross-border payments and reporting in 2018, and benefit from richer, more structured data. And we’re here to support you in this transition.

The ISO 20022 programme hub on swift.com is your go-to place for everything related to ISO 20022 for CBPR+. The Get ready for ISO 20022 for CBPR+ page details everything you need to do and directs you to all the documentation you need to help you on your journey.

High-level steps to ensure your readiness

Set up your testing environment

It’s important to set up your testing environment now. This includes the following:

  • Upgrade your test interface: Upgrade your messaging interface to a version that supports multi-format MX messages.
  • Configure your interface and set up your test connectivity: Configure your messaging interface for the FINplus test service.
  • Test (self-testing or testing with SWIFT): Validate your readiness for processing ISO 20022 messages (plain or multi-format).

Prepare for live deployment

To prepare for go-live, it’s vital to:

  • Upgrade your live interface: Upgrade your messaging interface to a version that supports multi-format MX messages.
  • Prepare for the FINplus RMA Bootstrap: Import a synchronised RMA starting point into your messaging interface.
  • Configure your interface and set up your live connectivity: Configure your messaging interface for the FINplus live service.

Find out more

You can find all the information you need on our Get ready for ISO 20022 for CBPR+ page.

Here you have more detailed information on the above steps, plus a guide to getting started, a key documents overview and ISO service guide, and links to all the latest ISO 20022 news on swift.com.

You can also join our current series of webinars, tailored to your SWIFT connectivity, empowering users to upgrade and configure their messaging interfaces and start testing as soon as possible. 

Register here

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