Translation rules from SWIFT MT to ISO 20022 FI to FI payments are live
New technologies and business innovation are reducing friction and increasing the speed at which money moves across borders ‒ and the global move from SWIFT MT and proprietary formats to the ISO 20022 messaging standard for FI to FI payments and reporting will mean rich, quality data, end-to-end, across the ecosystem.
Intensive preparation by payment systems and correspondent banking participants is in progress. To support our community, SWIFT has been working closely with top payment banks to define how ISO 20022 will be used and how to transition from the current SWIFT MT standards. The new SWIFT Translation Portal is a key resource for our community and a significant milestone in our journey to ISO 20022.
What is the ISO 20022 CBPR+ Translation Portal?
Mapping rules define how SWIFT MT messages are translated to Cross Border and Payments (CBPR+) ISO 20022 and vice versa. These rules will be implemented in SWIFT translation products designed to facilitate community interoperability during the four-year transition period, from November 2021 to November 2025.
The rules defined with the CBPR+ are now available and can be tested in the CBPR+ Translation Portal. These rules will facilitate consistent adoption of the new standard in correspondent banking.
Benefits of the Translation Portal
The portal offers user-friendly documentation and easy-to-use testing of the translation rules. Users simply input a SWIFT MT message and see the equivalent translated ISO 20022 message, or vice versa. The aim of the portal is to facilitate migration challenges by providing a tool with easy access to mapping rules documentation and tests ‒ resulting in reduced migration costs and risks.
The portal complements the MyStandards suite of solutions as it allows users to access the CBPR+ guidelines as well as Market Infrastructure or Market Practices Group guidelines.
Who can use the ISO 20022 CBPR+ Translation Portal?
All SWIFT members will have access to the portal, including financial institutions and market infrastructures. There are no fees to access the portal.
Vendors and SWIFT partners who subscribe to the SWIFT CBPR+ Embedded Translator also have access to the portal.
How do you get access?
To get access to the portal, you can submit a request via the CBPR+ MyStandards landing page.
About SWIFT Translator
SWIFT also provides a translation library that can be used in customer applications to execute translations from SWIFT and ISO 20022 CBPR+ messages, and vice versa. The translation library is available as part of the SWIFT Translator product.
SWIFT Translator is also the core technology behind the Translation Portal. It makes it easy to define message formats and mapping rules. You can import formats from files or message libraries, or define your own formats from scratch. It also lets you reuse the specifications (Usage Guidelines) published in MyStandards and use it as source or target formats – ensuring a consistent approach between documentation and the field implementation.
SWIFT Translator has Iightweight and flexible runtime software; can be deployed as a standalone instance; and is integrated with MyStandards for easy reuse of the content.