New offering allows institutions and market infrastructures to translate messages from any format to ISO 20022 or MT
SWIFT is launching a message translation offering that will allow users to define and validate messages from any format to ISO 20022, streamlining the process of migrating to a new standard.
As many market infrastructures (MIs) move to ISO 20022, financial institutions using older or proprietary message formats must ensure their messages remain compatible. Many legacy systems will need to be upgraded in order to process the new standards. This can be a costly and labour-intensive process, placing further time pressures on institutions and increasing operational risk.
SWIFT Translator provides users with a new offering to tackle these challenges, making it easier, faster and more efficient for institutions to define, validate and translate messages. With the first phase of the offering available in early 2018, institutions will be able to:
- Customise and define formats and translation rules
- Translate messages to a new format and validate messages against defined formats, ensuring pre-defined rules are followed correctly
- Easily maintain standards as they evolve, reducing manual input required
In addition, SWIFT Translator is a network-agnostic and flexible solution, allowing users to implement it where most appropriate, including within back office and middleware applications. The offering is complemented by existing SWIFT products, with MyStandards customers able to link directly with SWIFT Translator. For example, MyStandards users can define translation rules to a format previously defined in MyStandards as well as validate messages against pre-defined formats.
Fabien Depasse, Head of Standards Products at SWIFT, comments: “Migration to a new harmonised standard is a lengthy process and we understand the challenges faced by large and small institutions alike in moving to ISO 20022. Institutions must be able to reduce the risks associated with the migration process and translate messages in a cost-effective and efficient manner.
“SWIFT Translator addresses this market need whilst reducing development costs by up to 50% compared to manual implementation. With over 40 years of experience and expertise in developing industry standards, SWIFT is uniquely positioned to deliver this innovative new offering.”