Juggling multiple messaging formats? MyStandards now supports them all
You can now publish, maintain, and test all the messaging formats you exchange using MyStandards - not just MT and ISO 20022.
With multiple messaging formats used across the financial services industry, financial institutions need a place to document and maintain them across their business activities, markets and channels. Testing these different formats can be time-consuming and add complexity to customer onboarding.
With the addition of SWIFT Translator to our product suite, MyStandards now allows you to publish, share, and test all the formats you use.
- makes it easy to define any message format
- allows you to import formats from files and message libraries, or define your own formats from scratch
- is intuitive, with no coding requirements
- has a rich interface for format management that simplifies maintenance
Our community asked. We delivered.
Onboarding new customers can be time consuming. The current practice of exchanging test files via email during legacy or proprietary format testing is slow and inefficient. When banks and market infrastructures start to share all messaging formats and documentation on MyStandards, their customers can test them independently, reducing onboarding times and costs by an average of 50%.
During User Group meetings in 2018, our clients expressed their views on how SWIFT Translator could evolve to meet their needs even further. On top of translation capabilities, our community conveyed the need to be able to publish, share and, importantly, validate non-SWIFT formats on MyStandards and the Readiness Portal.
This is now possible. You can use MyStandards for other formats, such as proprietary CSV, XML (e.g. FpML), BACS, CFONB, EDI, EDIFACT, BAI, and more.
Leveraging MyStandards, the Readiness Portal and SWIFT Translator offers a unique format governance solution for consultation, validation and translation across all formats and all channels.
Quentin Bortolin, Product Manager of SWIFT Translator.
“This makes it truly a community platform. Our customers can now publish and document any format. And their own customers can easily consume, test and validate those formats online. This allows for more banks, market infrastructures and corporates to benefit from MyStandards, saving significant time and effort.”
Encouraged by community feedback, we plan to further extend existing Readiness Portal features. We will extend online mapping capabilities, allowing you to test legacy formats and receive a validation and translation. We will also create predefined non-SWIFT format and mapping libraries, which will help you to manage upcoming format migrations, including the migration to ISO 20022.