ISO

20022

Banks and financial institutions globally are set to transition their payment systems from using SWIFT messages to the new, highly structured and data-rich ISO 20022 standard.

In Europe, SWIFT and the European Central Bank have announced ISO 20022 go-live dates of November 2022 for the standard. All types of MTs will retire in November 2025 and CBPR+ ISO 20022 messages and APIs based on ISO 20022 definitions will replace them on November 2022.

In November 2022, SWIFT participants will:

  • Have the choice to start sending some or all their cross-border payments as ISO 20022 messages.
  • Must be able to consume incoming ISO 20022 messages.

ABM Convertor is an in house developed solution offering all the functionality of loading, mapping, managing, migrating, validating, allocating, routing and delivery of all types of SWIFT MT/MX, ISO 20022 or proprietary messages in any format (XML, JSON, CSV, TXT, Excel).

  • It collects data from across the payments system, filters, correlates and analyzes this information and brings it into a single application.
  • Convert all mt messages to mx and vice versa (category 1, 2 & 9)
  • Handles multi-format xml messages received by swift (transaction management):
  • Retrieve the mx message and log it to our application that’s accessed by the end user in
  • Order to check for any truncated data
  • Retrieve the mt message and restructure it in order to be integrated with the back office.
  • Define swift translated status of each incoming message
  • Monitor the messaging activity
  • Mandatory for all existing abm clients
  • Reduce the cost of back-office migration