SWIFT ISO 20022 Migration Consulting

ISO 20022 Migration and Adoption

Banking & Financial Industry are now adopting SWIFT message standards to the highly structured & data-rich ISO 20022 standards to transform their payments systems. As per the SWIFT mandate, all the banks & financial institutions globally need to make the switch to ISO 20022 by November 2025 and ISO 20022 will be the universal message standard for ACH, Real-time, High or Large value payments systems of all reserve currencies.

What is ISO 20022?

ISO 20022 provides a common platform to financial industry for sending payments messages & exchanging payments data using a central dictionary. It is a standard modeling methodology & a harmonized set of Extensible Markup Language (XML) and Abstract Syntax Notation (ASN.1) protocols. Being a common language for global financial communications, ISO 20022 benefits Businesses for the channels such as Payments, Cash Management and Remittance Information & benefits Corporates to simplify & streamline their treasury & payment operations.

TechZert's Domain expertise for ISO 20022 Migration Services includes SWIFT MT to MX Migration, CBPR+ & HVPS guidelines and expertise in working with global payments infrastructure such as FedWire/CHIPS, MEPS+, BoE RTGS (CHAPS), EURO1/Step1, SEPA, PFS and Target2 etc.

What are the benefits of ISO 20022?

An open, nuetral & global standard i.e. easily implementable by every bank & financial institutions & fully supported by open governance process
Better quality of data, prepares financial insitutions for financial crime prevention with its richer data formats
Higher STP rates & flexibility to adopt the change easily
Well structured formats helps banks to standardize the process of messaging & innovate in customer servicing fuctions
ISO 20022 ensures better interoperability between different high-value payments & domestic payments systems globally
Improves automation in daily complex activities like reconcialiation & other backend operations
Supports payment messages flows including

Payment Initiation (Corporate to Bank)
Interbank Settlement (Bank to Bank)
Cash Management (Bank to Corporate)

It facilitates straight-through-process (STP) and reduces the risk of errors
Expanded transaction identifiers to track payments end-to-end
Special characters & extended characters sets including non-latin characters & emoji's
Lower operating costs, Universal Interoperability, Refined payments insight & Richer data with more automation

Selected Clearing Systems & their journey in adoption of ISO 20022

TARGET2

Transition Description High-Value payments in EUR and access to Central Bank Money

Timing - November 2022

Euro1/Step1

Transition Description High-Value Payments in EUR

Timing - November 2022

SWIFT CBPR+

Transition Description'Cross-border payments & reporting plus' in any currency via the correspondent bank network

Timing - Year-end 2022 until 2025

CHAPS

Transition Description GBP High Value Wholesale Payments as well as low-value payments

Timing - Spring 2022 & expected completion H1 2023 for full ISO 20022

CHATS

Transition Description RTGS System in Hong Kong

Timing - Tentative - October 2023

CHIPS, FedWire

Transition Description USD Clearings

Timing - Expected 2023

LYNX (LVPS)

Transition Description Building & Testing LYNX to modernize LVPS (MT Format)

Timing - LYNX multiple releases to support ISO 20022 expected by 2022

RITS

Transition Description MT/MX coexistence period & migration in 2 phases

Timing - Expected by November 2024

BESP

Transition description ISO 20022 Adoption & Migration

Timing - November 2023

TECHZERT HELPS YOU OPTIMIZING YOUR FINANCIAL SYSTEMS' PERFORMANCE

We understand the growth which also brings volume, value & complexity to the businesses - to maintain the infrastructure efficiently yet seamlessly.

TechZert helps global banking & financial institutions to be ready for the challenges that occur, to connect & transact with different payment railroads & financial networks while enabling faster, efficient, data-rich message standards i.e. ISO 20022.

We assure:
Cost-effective and resource-efficient services that streamline & safeguard financial connectivity and transactional ability in well optimized and dynamic environment.

We help:
Provide consultation to make sure your financial systems are running smoothly in a secure, reliable and compliant manner.

Migrating to ISO 20022? How TechZert can help you choose the tailored solution?

ISO 20022 migration is about connecting the dots between financial institutions & users to communicate with speed & ease. We also play a vital role in transforming the financial service industry with a common language. Data exchange between financial institutions & communiting transaction services in a formal but syntax independent notation has a key role in accepting the adoption of ISO 20022. Global adoption of ISO 20022 will create a common language & model for payments data.

‣ Broad Elements of TechZert's ISO 20022 Migration Approach & Assurance Services!

Starting from the consultation services to Banks & Financial Institutions to analyzing their payments infrastructure & enhancing their payments processing capabilities, we help providing the complete fact-sheet before we kick-off the migration. We ensure smooth transition in analyzing the large data volumes, real-time payments capabilities & limits, daily liquidity assessments, compliance checks, fraud detection & prevention.

‣ TechZert enables easier ISO 20022 migration with key advantages and benefits such as:

Understanding Bank's or Financial Institutions legacy infrastructure

Sketching the clear vision of migration timelines

Addressing & analyzing data-handling challenges

Handling co-existence phases of multiple-messaging standards

Checking & ensuring the compatibility of multiple payments & settlements while transitioning

‣ TechZert's 3 key strategies to successfully adopt ISO 20022

Enables transformation & validation of legacy messaging transposed into ISO 20022 and updated core overlay services to ISO 20022 native

Ensures upgradation & migration to new messaging services without interrupting customer's daily operations

On-time completion to set you live with ISO 20022 under the suggested Swift timelines mandate

‣ What Banks & Financial Institutions need to plan and do before migration?

The first step for Banks & FIs is to analyze their payments processing systems, infrastructures & to access the volume of data

Analyze the type of data they have and how it will look like while adopting new standards

Thorough check on the required internal capacity and bandwidth and also ensure that they are ready to go-live with ISO 20022

Thorough check on new market infrastructure requirements & compliances

Analyze the detailed information about associated payments market infrastructure & correspondent banking schemes

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