Finastra has introduced a message format translation service aimed at banks transitioning from Swift MT messages to the new ISO 20022 MX standard.
The Transformation Service is designed for both existing and new bank customers in preparation for Swift’s November 2025 deadline for the new cross-border payments and reporting plus (CBPR+) rules. Although the transition seems straightforward in theory, the practical implementation has faced numerous delays and challenges for banks sending and receiving messages, as well as for corporate ERP systems.
“While Swift’s migration from MT to MX ISO 20022 messaging standards offers several advantages, it also poses significant challenges for banks and financial institutions. They must ensure their back-office systems can effectively send and receive MX messages from their counterparties to avoid serious operational disruptions,” says Radha Suvarna, Chief Product Officer of Payments at Finastra. “Our Transformation Service will facilitate a seamless transition to MX messaging, ensuring operational continuity and providing flexibility for future system upgrades.”
Integrated as an API-based microservice within the Finastra Financial Messaging platform, the Transformation Service is available for customers utilizing a SaaS model through managed workflows. Additionally, it is accessible as a consumable API via Finastra Financial Messaging’s new Self-Serve Portal, which features a “try before you buy” option for users.
The service is kept current with annual message standard releases driven by market infrastructure and offers flexible enrichment and message handling options to streamline the transformation process, according to Suvarna.