SWIFT launches ISO 20022 translation services for cross-border payments

Friday 10 December 2021 11:53 CET | News

Global provider of secure financial messaging services SWIFT has announced the translation availability for its ISO 20022 customer testing environment for cross-border payments.

 In-flow translation will allow financial institutions to better understand the benefits of rich data once they migrate to the ISO 20022, even if their counterparts are yet to adhere to the new standard. 

The company has made the in-flow translation system available for early testing to facilitate banks’ onboarding process and gain experience in the new environment. While early adopters will be able to use the service starting from August 2022, all banks must automatically enroll in the new ISO 20022 in November 2022.

SWIFT’s global network counts for over 11,000 institutions and 4 billion accounts spread throughout 200 countries globally and aims to minimise disruption while ensuring its community to start migration towards the ISO 20022. 

The In-Flow Translation, together with the early release of the programme gives banks around one full year to get acquainted with the mandatory changes and start operating them. 

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Keywords: regulation, ISO 20022, ISO, SWIFT, online banking, banks, banking
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech