How we’re enhancing our platform
We’re streamlining every transaction’s journey – from the second it’s sent to the instant it arrives.
How we’re enhancing our platform
From strong foundations come bold innovations
Every transaction’s journey is unique. Passing through a mix of countries, serving different customers, and jumping between jurisdictions. To continue helping financial institutions meet the needs of their customers, we’re expanding our capabilities to provide comprehensive transaction management services. So as the world of finance continues to become more complex, we’ll keep innovating to offer simple solutions that empower our customers, and theirs too.
Introducing Transaction Manager
We’re completely reimagining how transactions flow around the world, making it possible for banks to seamlessly work together so that every payment can flow faster and further.
It’s all powered by Transaction Manager, which provides a centralised view of transaction data so that all participants can access it simultaneously in real time. It’s a foundation that we can all build on, and one that opens up a whole world of possibilities.
As a member of our community, you don’t need to do anything to reap the benefits that this enhanced platform will bring. We’ll automatically begin processing traffic via Transaction Manager in a phased approach.
Total interoperability
It doesn’t matter which data format or connectivity channel you use; the platform facilitates total interoperability between them. This means you can move at your own pace in your ISO 20022 journey.
No extra effort
We’ll automatically begin routing traffic onto Transaction Manager. So as long as you’re compliant with CBPR+, you’ll be able to benefit from all it has to offer.
End-to-end transaction integrity
A shared copy of the latest transaction data, alongside community-agreed integrity rules ensure that important information is not truncated, overwritten, lost or corrupted throughout the end-to-end process.
What’s the timeline for introducing transaction management capabilities?
Key milestones achieved in 2022 include the successful completion of the pilot in July and the beginning of community testing in September.
Release 1 capabilities will be implemented in our production live environment in November 2022, but without live traffic being processed at the outset. Traffic subject to transaction management processing will be built up incrementally during an activation period that begins at the end of May 2023 and finishes at the end of September 2023.
Transaction management introduces additional validation checks on transactions. Between the start of ISO 20022 CBPR+ migration on 20 March, and the start of the technical activation period, we’ll analyse the impact these checks will have based on live traffic and, if necessary, adapt the logic to minimise potential disruption before the start of the activation period.
Key highlights of Release 1 include:
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The foundations to support seamless, frictionless and instant transactions.
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Access to full rich transaction data, with built-in integrity and security.
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Minimal disruption as each institution can adopt at their own pace.
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Continued full support of existing Swift gpi and community service levels.