The service aims to help Finastra’s customers meet Swift’s November 2025 deadline for the updated cross-border payments and reporting plus (CBPR+) regulations.
Transitioning from MT to MX messaging standard presents challenges for many institutions, requiring investment in technology and resources.
Finastra’s Financial Service is adaptable to various message standards to assist customers’ needs. The service augments capabilities for banks and other financial institutions connecting to mandated migrations and corporate customers requiring translations in multiple formats to meet various financial messaging needs.
With the launch of Financial Service, Finastra aims to assist its customers in achieving long-term business goals, reducing costs and complexity, and ensuring compliance with the changing payment landscape. The key benefits of using the product include:
Simplified migration as it separates different deadlines and can also function as a long-term translation layer;
Cost savings, providing an alternative to expensive system upgrades and maintenance;
Optimal integration - Functioning as an overlay service within the Finastra Messaging platform, it optimally integrates with various other solutions and services;
Accelerated time-to-market, consistently implementing market industry standards, and meeting mandated deadlines.
Designed as an API-based microservice in the Finastra Financial Messaging platform, the Transformation Service is accessible to customers using a SaaS model through managed workflows. It is also available as a consumable API via Finastra Financial Messaging’s Self-Serve Portal, where users can access the microservice with a “try before you buy” feature.
The service remains up to date with annual market infrastructure-driven message standard releases and offers flexible enrichment and message handling options to ensure an optimal transformation process. Regular market infrastructure-compliant library updates ensure the enrichments meet the latest market standards and customer requirements.
Finastra has been validated as a Swift-compatible interface and is CBPR+ ready.
ISO 20022 defines a common language for financial information that is increasingly adopted globally. The industry uses the ISO 20022 messaging standard for business areas such as payments, securities, trade services, cards, and foreign exchange while benefiting from automation, straight-through processing (STP), and rich data.
According to Swift, over 5,700 financial institutions in more than 200 countries already send and receive ISO 20022 messages, accounting for 23% of cross-border Swift payment traffic. These figures are expected to increase by the end of 2025, the deadline for this migration.
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