November 2022 is the official go-live date for global banks migrating from SWIFT MT financial messaging to ISO 20022. The final deadline for this adoption is November 2025.
WHAT IS THE IMPACT?
Introduced in 2004, the ISO 20022 standardization approach was created to unify payment messages format, providing better structure, visibility and enriched data volume. The new standard uses XML syntax to encode data, harmonizing formats that could not work together before. Improved transparency throughout the entire payment chain and less manual intervention will lead to a more accurate compliance process, improved security and a better customer experience.
THE SOLAR TRANSACTION PROCESSING SUITE IS COMPLIANT WITH VARIOUS PAYMENT INDUSTRY PROTOCOLS INCLUDING ISO 20022, OFFERS QUICK SEAMLESS INTEGRATION WITH THE EXISTING ENVIRONMENT, IS EASILY SCALABLE AND CAN BE SUPPLIED IN SEPARATE MODULES OR AS A FULL-FLEDGED PROCESSING COMPLEX
SHAPING UP THE FUTURE
What will it take for the financial institutions to adopt the new standard? Compared to legacy formats, ISO 20022 assumes the processing of much larger data, so internal systems and databases should be able to process these volumes and with more advanced fraud prevention and greater speed.
SOLAR FRAUD PREVENTION IS YOUR FIRST DEFENSE WHEN IT COMES TO PAYMENT TRANSACTION SECURITY. COMBINING MACHINE LEARNING AND FLEXIBLE RULES, SOLAR FRAUD PREVENTION ACCURATELY IDENTIFIES POTENTIAL THREATS AND STOP FRAUD IN ITS TRACKS
To ensure that all syntax and information formatting is correct, and that the data is well displayed in all related payment and clearing systems, end-to-end testing is vital.
THE SOLAR TESTING TOOLKIT CAN EMULATE SEVERAL SYSTEMS IN ONE SCENARIO, IS EASY TO SET UP, WORKS EFFICIENTLY AND QUICKLY, REDUCING PRODUCT TIME-TO-MARKET
IN FLOW TRANSLATION
With the start of the mandatory migration to ISO 20022 standard in November, all Swift members will be automatically connected to the In Flow Translation service. The service allows financial institutions to exchange data, even if their counterparts have yet to adopt ISO 20022.
In Flow Translation translates ISO 20022 messages into the current MT standards format and delivers messages in both formats so that customers continue to receive accurate messages throughout the ISO 20022 transition. All SWIFT members will be able to perform operations as usual during the migration process, so they will have enough time to prepare.