For banks that are not yet ready to process messages in the ISO 20022 format- an emerging global and open standard for payments messaging, the service allows you to translate ISO 20022 messages into the format of current MT (Market Type) standards and deliver messages in both formats so that customers can always receive complete data. All members of the SWIFT community will be able to conduct business as usual during the migration process to the new standard, which will begin in November 2022 and last until November 2025*.
SWIFT provides its customers with In-flow Translation (translation happens during the processing of the message at SWIFT) service in a test format so that banks can study the ISO 20022 standard in advance and gain experience in the new operating environment. From August 2022, the first users will be able to use the service upon prior request. All banks will be automatically connected to the service in November 2022, simultaneously with the start of the mandatory implementation of the ISO 20022 standard for large cross-border payments in the Eurozone*.
“One of the main objectives of our strategy to provide instant and seamless payments is to ensure that all participants can continue to use the service and that financial institutions can migrate to the new standard in the most convenient way for them and their customers. By launching In-flow Translation and completing the test environment for ISO20022, we are giving our Community members enough time to prepare for the adoption of the new standard,” said Steven Lindsay, SWIFT Platform Lead*.
Collect & Pay uses the SWIFT system to process payments quickly and securely through our platform. Contact us to get more information about the rates and other solutions that we have for your business – contact@collectnpay.com
* Internet source: https://www.swift.com/
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