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In contrast to ISO 20022, today’s MT format does not allocate fields for payment purpose codes, resulting in character restrictions and limiting the information for more transparency on the involved parties and their purpose.
ISO 20022 (MX) messages are introducing a fundamental change to the existing standard ISO 150022 (MT) used to exchange payments and cash management messages. This transformation replaces the years of industry practice and experience to manage Swift’s MT messaging standard with a new skill set and technology.
IMS SWIFT CBPR+ Translator from ECS Fin is an intuitive and powerful application to translate and validate messages from multiple formats to ISO20022 by maintaining a transaction copy and applying business rules across messages related to the same transaction using the same UETR number.