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).