Adopting ISO 20022

With numerous ISO 20022 projects underway, participants must evaluate the collective impact of these initiatives upon their businesses

Understanding the collective impact of ISO 20022 initiatives

A global and open financial messaging standard, ISO 20022 has become the financial industry’s preferred standard for new initiatives. It’s easy to see why: supporting rich and comprehensive information, ISO 20022 enables end-to-end business processes to be adopted in a consistent way. Based on XML, the standard accommodates global standards as well as local market practice.

Adoption is driven by market infrastructures offering transformative new services to their participants. Financial institutions are offering ISO 20022 as a global standard that can meet the needs of their corporate and financial institution customers.

Infrastructures need expertise to adequately plan, design, implement, test and migrate their entire community.

Market participants need cost-effective migration tools and services specifically tailored for market infrastructure data and workflows.

At the same time, potential fragmentation needs to be addressed through tighter community management, alongside the adoption of a common framework for ISO 20022 harmonisation.

ISO 20022 Harmonisation Charter

Ensuring a harmonised roll-out of ISO 20022 for the industry

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Information paper

Best practice for a successful implementation of ISO 20022 for Financial Institutions

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SWIFT - the trusted source for ISO 20022 projects and implementations

Your challenges

  • Ensure a harmonised roll-out of ISO 20022 for the industry
  • Managing implementations within your messaging, transaction processing and back-office environment
  • Taking an informed decision to move your community to ISO 20022

As the industry adopts ISO 20022, there is a call for a harmonised approach to deploy ISO 20022, to ensure a cost-effective implementation.

When moving their communities to ISO 20022, market infrastructures require a specific set of capabilities, from deep standards expertise to a secure network and transformation products.
Financial institutions face a number of challenges – from assessing the collective impact of multiple initiatives to managing implementations within their messaging, transaction processing and back-office environments.

Our solutions

Global Financial Messaging

The only value-added network designed specifically for ISO 20022

Our secure, reliable network provides a single window to over 10,800 financial institutions and offers value-added services including automatic message validation against ISO 20022.

Interfaces and Integration

Facilitating integration and format conversion

Fully compatible with ISO 20022, our specialised offerings include AMH-based transformation, SAA-based Alliance Access Integration Platform and Alliance Lite2-based Converter tools.

Off-the-shelf connector tools

Also compatible with ISO 20022 messaging, we offer connector tools for specific market infrastructure initiatives – such as HVP Participant Converter.

Services

ISO 20022 training courses

Our dedicated courses include ISO 20022 in 90 minutes, ISO 20022 and T2S, ISO 20022 for Trade and ISO 20022 for High Value Payments.

ISO 20022 impact assessment

Obtain a clear roadmap of the expected scope, timing and business impact of ISO20022 on your organisation, including all business flows and message types.

ISO 20022 solution design

We outline the enterprise architecture that you need to deploy your roadmap – incorporating business process flows, market practice and the impact on your underlying technology.

Standards

MyStandards

Our collaborative web platform helps you manage global standards while ensuring that your internal specifications and guidelines are in line with market practice.

MyStandards Readiness Portal

Publishers of specifications, such as market infrastructures, can offer a web-based testing service to customer communities – including message validation against ISO 20022 usage guidelines.

Standards expertise

From gap analysis to creating specific implementation guidelines, our standards experts will help to keep your standards project on track, and aligned with international best practices.

Community Management

ISO 20022 Harmonisation Charter

A charter developed by market infrastructures and SWIFT to ensure a harmonised roll-out of ISO 20022 for the financial industry.

SWIFT has supported ISO 20022 since the beginning

  • Registration authority and content contributor
  • Facilitator of industry harmonisation and global market practice
  • Unique range of end-to-end solutions