SWIFT Standards Consulting Services

Standards expertise directly from the source

Implementing ISO 20022

You will be supported at every step of the way, from assessing how the implementation of ISO 20022 will affect your operations in terms of resources and costs.

Preparation phase

Our ISO 20022 Impact Assessment Service for financial institutions can support your project by helping you build a future-proof ISO 20022 implementation roadmap.

The service includes:

  • A customised ISO 20022 landscape for your organisation. This consists in a summary of the market infrastructures you will need to support – and when you will need to support them. It also details which customer requirements you may need or want to support, with a summary of related flows, functionalities and message types.
  • A business and technology assessment. Comprising an analysis of your ‘as is’ operational model, the assessment also looks at operational flows and existing applications that may be affected by your ISO 20022 adoption. The assessment will also specify any new capabilities that will be needed.
  • A description of your recommended business architecture, tailored to your organisation’s needs. 

 

Evaluation phase

Once you understand the impact that ISO 20022 will have on your organisation, the next step is to take a holistic look at your enterprise architecture. Our modular solution ISO20022 Solution Design Service helps you to ensure that your ISO 20022 infrastructure meets your current and future needs.

Our approach examines four layers of your architecture:

Business layer We analyse how process changes can be implemented throughout the different systems and recommend an appropriate governance mechanism.
Data layer By harmonising and standardising the data model used, we make sure that all your applications build on the same concepts.
Applications layer We ensure that the changes will be applied in the right place while achieving a balance between updating middleware systems and modifying back-office systems.
Technology layer Finally, we stipulate that the appropriate technological solutions will be set up to transport, store and process all data.
Business layer We analyse how process changes can be implemented throughout the different systems and recommend an appropriate governance mechanism.
Data layer By harmonising and standardising the data model used, we make sure that all your applications build on the same concepts.
Applications layer We ensure that the changes will be applied in the right place while achieving a balance between updating middleware systems and modifying back-office systems.
Technology layer Finally, we stipulate that the appropriate technological solutions will be set up to transport, store and process all data.

The service also provides you with specifications for your future ISO 20022 messaging infrastructure.


Implementation phase

After you have defined the scope of the implementation project and the resources required within your organisation, our experts will provide ongoing guidance throughout the implementation process.   

To achieve a faster time to market you can also opt for additional and ready to implement SWIFT solutions to enhance the transition process:

  • My Standards – a collaborative web platform to centralise all standards-related information, improve annual Standards Release management, and reduce the time and resources needed for impact analysis and implementation. It enables you to streamline the formal documentation of specific message usage guidelines, and provide real-time access to this documentation for internal and external audience. 
  • My Standards Readiness Portal – an add-on to MyStandards, this web application provides testing capabilities that simplify customer onboarding and migration. Upon invitation from the portal publisher, all counterparties can test against the messaging formats published by the subscribing institution on MyStandards online. The portal publisher can fully monitor progress and help users along the way. 
ISO 20022

Best Practice for successful implementation of ISO 20022 for FI

Information paper - Best Practice for Successful Implementation of ISO 20022 for Financial Institutions

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