Defining market practice for FI to FI payments & reporting
To define a common best practice in using ISO 20022 for FI to FI payments and reporting, we are facilitating the collaboration across representatives of the community with the Cross-Border Payments and Reporting Plus (CBPR+) group.
The working group, formed of international payments experts, will formulate global market practice, usage guidelines and translation rules for the adoption of ISO 20022.
The development of a standardised global approach will also help lower the implementation cost for the industry as a whole.
To see the CBPR+ usage guidelines, please refer to MyStandards.
Supporting the coexistence of ISO 20022 and MT messages
From March 2023 to November 2025, there will be a coexistence period during which customers will be at different stages in their ISO 20022 adoption journey. To assist the community, Swift will provide options to support interoperability between ISO 20022 and MT messages.
One of these options is Swift’s messaging-based In-flow Translation service. Customers using it receive a multi-format message with the translated MT embedded in the original MX, delivered over Swift’s FINplus messaging service. In June 2021, Swift completed a successful customer pilot for this service.
The service, available for testing as of November 2021, is enabled for existing FINplus participants and new participants subscribing to FINplus after that time. Customers need to upgrade their messaging interface to use the service. This is also a key step in ensuring readiness for Swift’s enhanced platform.
Read more about the service in the ISO 20022 FAQs and in the full report on the pilot exercise.
