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SWIFT platform evolution: Connectivity guidance - Version 1.1 now available

SWIFT platform evolution: Connectivity guidance - Version 1.1 now available

Company Information,
28 May 2021 | 3 min read

Download our info paper to learn more about your options to connect to SWIFT’s enhanced platform and how you can start planning now.

In March 2021, we published the SWIFT platform evolution: Connectivity guidance info paper, which sets out our vision for customer connectivity to the enhanced SWIFT platform. This document provides information on the options available to connect to the platform so that customers can plan their implementations and take advantage of faster, smarter, better transactions.

A new version is now available with important updates including:

  • A detailed annex on the messages in scope of Release 1 and an overview of other ISO 20022 messages for which SWIFT provides in-flow translation
  • More information on the Interfaces Release Timeline
  • An update on the availability of the API specifications

Download SWIFT platform evolution: Connectivity guidance – v1.1

(This document is available to all SWIFT customers. Please log in to mySWIFT to download it. Don’t yet have a mySWIFT account? Create one now, free for SWIFT customers.)

Introducing transaction management

Over the next two years and beyond, SWIFT will evolve its capabilities to enable instant and frictionless transactions from one account to another, anywhere in the world. This will unlock huge opportunities for our community of over 11,000 institutions.

We are transforming the SWIFT platform based on the concept of transaction management. The platform will provide a set of common transaction processing services, such as pre-validation of essential data, sanctions screening, fraud detection, data analytics, transaction tracking and exception case management – mutualising capabilities that today are typically provided, and invested in, by each financial institution individually. 

By bringing together data and common services, we aim to significantly improve end-to-end efficiency and reduce total costs, while bringing new business value to end customers.

Currently in development, the first release of the enhanced platform is set to go live in November 2022.

Our future
2 min view

Our future

Move at your own pace

Financial institutions will be able to move at their own pace when connecting to the platform. The platform supports connectivity using existing messaging formats and services, and adds the option to connect using Application Programming Interfaces (APIs). Users of MT messaging may continue to use the format until the ISO 20022 migration deadline for cross-border payments and reporting in November 2025.

The platform will ensure interoperability between users of different data formats and connectivity channels, with the full benefits of richer data and advanced platform features available to those using ISO 20022 and APIs.

In this document, we therefore provide guidance based on three typical customer profiles:

  • ISO 20022 messaging user, who, for example, uses a messaging service to connect to an ISO 20022 payments market infrastructure and needs to forward complete ISO 20022 data to counterparts
  • MT user, with no immediate need to adopt ISO 20022
  • Digital native, with a preference for integration via APIs

Now is the time to start planning

With the first release of the enhanced platform going live in November 2022, now is the time to evaluate the platform connectivity options detailed in this paper and decide the path that makes most sense for your business.

Please contact your SWIFT account manager to discuss your connectivity options.

Download SWIFT platform evolution: Connectivity guidance – v1.1

(This document is available to all SWIFT customers. Please log in to mySWIFT to download it. Don’t yet have a mySWIFT account? Create one now, free for SWIFT customers.)

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