Welcome to the 9th edition of ISO 20022 in bytes for payments. As we continue supporting community preparations for November 2022, we’re sharing the results of two major ISO 20022 surveys conducted in the past 12 months. These offer an indication of what to expect in terms of traffic volume and message flows.
What can you expect in November 2022?
In 2021, we surveyed 103 institutions to get an idea of which banks will be ready to send, relay and receive ISO 20022 messages from November 2022. Meanwhile in early 2022, we asked banks represented on the PMPG and FCC AG groups about their plans to contribute to and process ISO 20022’s richer and better data.
This is what we found:
- We anticipate that a maximum of 45% of payment traffic will be initiated in the ISO 20022 format from November 2022.
- 95% of intermediary flows received in ISO 20022 will be relayed in ISO 20022.
- About 27% of traffic initiated in ISO 20022 will contain rich party information (ultimate debtor/ultimate creditor).
- Approximately 19% of traffic initiated in ISO 20022 will contain other rich data elements i.e. category purpose, regulatory reporting and LEI.
- About 24% of traffic initiated in ISO 20022 will contain a structured postal address and only 5% will contain structured remittance information.
We’ll continue to promote early adoption of richer, more structured data so that financial institutions and their customers can harness all the benefits of ISO 20022.
Standards: Reference documents published
We’ve recently published two reference documents on the CBPR+ group on MyStandards:
- The Q1 2022 version of the CBPR+ User Handbook, which includes new use cases and further explanations based on questions received from the community.
- A new Derived Data Mapping Guidance document, which provides guidance on how to populate information across multiple legs of a transaction. For example, a bank receiving an MT101 can find guidance on how to populate the information from that MT101 to the subsequent pacs.008. The final version of this document will be posted in May.
In our November edition, we introduced the future release management principles for CBPR+ messages. Accordingly, the guidelines on Standards development and the maintenance process for MT and MX/ISO 20022 have now been updated on the Knowledge Centre.
FINplus: CBPR+ 2.1 deployed to the FINplus test environment
SWIFT completed the deployment of CBPR+ 2.1 to the FINplus test environment at the end of February 2022. This is designed to support your activities in ensuring readiness for ISO 20022 and the start of the coexistence period in November 2022.
The In-flow Translation service has been available for testing since November 2021. Automated subscription for the FINplus Pilot current and live services is now scheduled for completion by the end of Q2 2022. Eligibility criteria and the default configuration to be implemented will follow a similar logic to the FINplus Pilot Future in January 2022. This subscription is transparent to facilitate live preparation for the community. For more details, please consult Knowledge Base article 5025106.
Please keep in mind that CBPR+ messages will only be activated on the FINplus Pilot current in August 2022 and live in November 2022. Early adopters aiming to exchange CBPR+ messages before November 2022 on the live service can organise this via a dedicated e-order form, to be made available in early August. Despite the automated subscription, other users won’t be authorised to exchange CBPR+ messages on the two services before these dates.
Finally, we’re pleased to confirm that the SWIFT Price List for messaging and solutions has now been updated. This reflects the new messaging pricing (effective from 1 August 2022) that aims to support our community during the process of adopting ISO 20022 for CBPR+ (i.e. in comparison to FIN-MT).
For more details, please consult Knowledge Base article 5025367.
RMA Bootstrap: New RMA Portal available
The new Relationship Management (RMA) Portal is available to all FIN connected BICs. You can now start to prepare for the FINplus RMA bootstrap of 30 July 2022, when we will bootstrap live FINplus payments authorisations based on corresponding active live FIN authorisations.
Please be aware that:
- By default, reporting messages will not be included in the bootstrap exercise. Interested users need to request the addition of reporting messages using this e-order form by 30 June 2022 at the latest. Other bootstrap windows will be organised during the coexistence period.
- The bootstrap will be limited to payments messages (reporting messages are optional – cf. above) that are in-scope of the In-flow Translation service.
We recommend that you connect to the RMA Portal and verify the FIN records which will be used as the basis for the FINplus bootstrap. Please ensure you do so to identify any discrepancies between the central database and your local database and take corrective actions before the bootstrap is conducted. For more information about the bootstrap exercise and related actions, please see the document Relationship Management Portal Getting Started.
Customer readiness for November 2022: New webinars
In March 2022, we began a new series of webinars to empower users to upgrade and configure their messaging interfaces and start testing as soon as possible. We are also running dedicated sessions to go through testing activities in more detail. These events are complemented by ‘Meet the Expert’ sessions, which address any questions that remain unanswered following the general sessions.
Register for your chosen webinars on swift.com.
Product readiness: CBPR+ is now available for customers to test in Transaction Screening (TSS)
We’re also upgrading our Financial Crime Compliance products, Transaction Screening and Payment Controls (PCS), to support ISO 20022. Whether it’s an ISO 20022 offering related to an MI migration or to CBPR+, we’re ensuring that customers have adequate time to test before go-live.
The pilot service for CBPR+ will be ready during Q2 2022. If you have any questions, please contact your account manager.
Resources: What’s new?
To reflect all the latest information and support our community in preparing for November 2022, we have completed a full update of our documentation suite.
- The new ‘Get Ready for ISO 20022 for CBPR+’ page on swift.com summarises all the key readiness steps and points to the document best supporting each step in the journey.
- The ‘Getting Started’ document (formerly known as ‘From FIN to FINplus’) is the entry-level document that walks the reader through the key project steps towards readiness.
- The ‘ISO 20022 Customer Adoption Guide’ expands on the ‘Getting Started’ document and provides step-by-step guidance on CBPR+, setting up FINplus connectivity, configuring messaging interfaces and getting ready for go-live.
- The ‘Customer Testing Guidelines’ explain the testing journey for users based on their ISO 20022 adoption approach for November 2022.
- The ‘In-Flow Translation Service Overview’ now contains more details and examples of the various translation results that users can expect. It’s also supported by a new library of sample multi-format MX messages in MyStandards.
The ISO 20022 Support page on mySWIFT has also been refreshed. Please make sure you bookmark it!
Finally, we are continually adding content to our SWIFTSmart platform, with a new Adoption Briefing video focused on the roadmap for 2022, e-learning modules on CBPR+ and RMA, and videos supporting use of the Test Sparring Partner service.