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SWIFT platform evolution: Connectivity guidance - Version 1.2 now available

SWIFT platform evolution: Connectivity guidance - Version 1.2 now available

Company Information,
23 November 2021 | 4 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.

Over the next year and beyond, we are evolving our capabilities to enable instant and frictionless transactions from one account to another, anywhere in the world. We’re doing this by transforming the SWIFT platform, unlocking huge opportunities for our community of over 11,000 institutions.

The SWIFT platform evolution: Connectivity guidance info paper 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 and data.

A new version is now available with important updates including:

  • Updated criteria for ISO 20022 and FIN message processing by the transaction manager
  • The availability of the message-based in-flow translation service to ease interoperability in advance of the transaction manager availability
  • More information on the build-up of ISO 20022 traffic to the transaction manager
  • And more – please download the info paper where the full list of updates are indicated

Download SWIFT platform evolution: Connectivity guidance – v1.2

(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

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, anomaly 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.

Faster, Smarter, Better
2 min view

Faster, Smarter, Better

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.

To further ease interoperability during the transition to ISO 20022, we are introducing the In-flow Translation service, which translates ISO 20022 rich data messages into an MT equivalent, so that all financial institutions on SWIFT can transact in their preferred format during the industry’s planned migration to the new standard by November 2025. The service delivers the original ISO 20022 message alongside the translation, ensuring that complete data is always delivered to the receiver. The service is now available for testing and, from August 2022, customers can exchange payments-related ISO 20022 messages for live purposes.

In our information paper, we therefore provide SWIFT platform connectivity 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 and the start of migration to ISO 20022 for payments set for 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 – v1.2

(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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