Finastra Launches Transformation Service for ISO 20022 Messaging
Finastra, a leading global provider of financial software applications, has unveiled its Transformation Service, designed to assist financial institutions in transitioning from MT to ISO 20022 MX messaging standards. This service is crucial for organizations aiming to comply with Swift’s November 2025 deadline for cross-border payments and reporting plus (CBPR+) rules.
- ISO 20022 MX Messaging Transition:
- Swift’s migration from MT to MX ISO 20022 messaging standards offers numerous benefits but also presents significant challenges.
- Financial institutions must adapt their back-office systems to send and receive MX messages to avoid operational disruptions.
- Finastra’s Transformation Service Features:
- The service offers a smooth transition to MX messaging, ensuring continuity and operational stability.
- It also provides flexibility for strategic planning of future system upgrades.
- Wide Range of Supported Standards:
- Finastra’s Transformation Service supports a variety of messaging standards, catering to both banks and corporate clients.
- The service is particularly useful for those facing mandatory migrations or needing multiple format translations.
- API-Based Microservice Integration:
- Embedded within the Finastra Financial Messaging platform, the service is available to customers operating on a SaaS model through managed workflows.
- It is also accessible via Finastra Financial Messaging’s Self-Serve Portal with a “try before you buy” feature for easy testing.
- Up-to-Date Message Handling and Enrichment:
- The service is continuously updated with annual releases of market infrastructure-driven message standards.
- It ensures the latest enrichment and message handling options to align with both market standards and customer needs.
Finastra’s Transformation Service offers a reliable and flexible solution to support financial institutions transitioning to the ISO 20022 MX messaging standard. By ensuring a smooth and timely migration, the service allows for business continuity while accommodating future system upgrades and evolving market demands.
