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ISO 20022 in bytes: Better data means better payments

ISO 20022 in bytes: Better data means better payments

Standards,
13 December 2021 | 4 min read

Welcome to the latest edition of ISO in bytes, providing a high-level overview of the most critical updates on the ISO 20022 adoption programme for cross-border payments and reporting.

We are now well into the process of preparing to facilitate the start of the migration to ISO 20022 next year. 2021 has been rich in programme deliveries, including the deployment of the In-flow Translation service in the FINplus Pilot Future service and successful service provisioning for multiple payment market infrastructures adopting HVPS+. Preparation activity will continue to pick up in 2022, including going live with CBPR+.

Here are some of the key updates to be aware of as we approach the end of this year.

Standards: New usage guidelines are on the way

As part of the CBPR+ maintenance process, we received change requests from the industry for possible updates to the CBPR+ usage guidelines that will be the baseline of CBPR+ go-live in 2022.

After careful consideration of these and the imminence of the August and November 2022 live service milestones, we have decided to introduce the CBPR+ collection 2.1. This includes essential improvements to CBPR+ that will be implemented in the FINplus service from the Standards Release 2022.

The new usage guidelines are being finalised and will be published on MyStandards by the end of January 2022. A presentation deck with details of the accepted change requests by the CBPR+ working group is available on the MyStandards CBPR+ landing page.

The corresponding validation and translation libraries on the FINplus Pilot Future service are planned for update by end of Q1 2022.

Testing for the In-flow Translation service now available   

The In-flow Translation service was deployed successfully in the FINplus Pilot Future environment on Monday 15 November. The central translation from ISO 20022 to MT is a critical service that facilitates format coexistence. It brings the flexibility to send richer, structured cross-border payments and reporting messages, independently of counterparty readiness for ISO 20022. 

Customers that have already subscribed to the FINplus Pilot Future service, and those who subscribe going forward, will have the ability to test in-flow translation (receipt of multi-format messages) as part of their ISO 20022 testing plans.  

This marks a significant milestone on the path to readiness in preparation for ISO 20022 going live for CBPR+ flows, as an opt-in in August 2022, and for the whole community in November 2022.

Mass provisioning for In-flow Translation service – by end-January 2022

To assist customers with the pilot service subscription, Swift will conduct a centrally administered mass provisioning exercise by the end of January 2022. The following criteria will be used for the central mass provisioning:

  • BICs with user category ‘Supe’ (supervised institution) or ‘Nosu’ (non-supervised institution).
  • All eligible BICs at the time of the central mass provisioning will be included.
  • New BICs or BICs that become eligible after the completion of the central mass provisioning in January 2022 will continue to be automatically provisioned to the FINplus Pilot Future service
  • The central mass provisioning is not applicable for BICs already registered in the FINplus Pilot Future service.

Central mass provisioning will make subscriptions transparent and easier for eligible BICs. However, Swift encourages customers with immediate testing plans to subscribe to the FINplus Pilot Future service using this e-form.

For guidance on how to approach capacity planning and principles for scaling your environment, please refer to the ISO 20022 Customer Adoption Guide.

Read more

Market Infrastructures: Updated adoption guides

The first of many RTGSs, the Philippine Payment and Settlement System (PhilPaSS), went live on ISO 20022 (HVPS+) in July 2021, with the Bank of England (CHAPS), Monetary Authority of Singapore (MEPS+), and Bank Negara Malaysia (RENTAS) scheduled to go live in June 2022.

Our adoption guides have also been updated with a new ‘testing’ chapter in the Market Infrastructure Adoption Guide and multiple new sections in the CBPR+ Customer Adoption Guide.

Read more

Have you heard about the ISO Accelerator Pack?

It contains everything MIs and their communities need for fast, seamless ISO 20022/HVPS+ adoption. If you haven’t yet seen it, please don’t hesitate to reach out to your account manager for more information.

More resources

2022 is just around the corner and there is new material available to support you:

And we are continuing to expand our set of e-learning modules and videos.

Visit Swift Smart to find out more

Need further support on the implementation of ISO 20022? Swift Standards Consulting Services can help.

Learn more

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