Tangentia Offers Support for SWIFT 2020 Updates
SWIFT is a messaging network designed to facilitate the global transfer of funds. It works by sending electronic messages from one financial institution to another to notify them when a transfer of funds is made.
Each year, SWIFT updates its service based on changes requested by their customers. This update is the MT Standards release and it ensures the message types (MTs) exchanged by SWIFT users continue to meet their needs, both for existing businesses and new businesses.
The release for 2020 is called the Standards MT November 2020 and includes the following
changes:
- Payments MTs to facilitate migration to the ISO 20022 Program and to ensure compliance with regulatory and FAFT requirements
- Manual and automated solutions for mandatory payment confirmations
- Support for additional security information to be transported in messages as per regulation
- Support for local regulatory requirements
- Support for local regulatory requirements
- Increased structure to messages for both party fields and trade party fields
- New features that offer support for changing business processes and new financial instruments
- Clarification of definitions to ensure improved consistency in messages and improved automation
- Changes agreed to during a fast-track maintenance process
Applying the changes in the SWIFT Standards Release Guide is mandatory for all financial institutions. However, making the required changes can be costly and it is important to balance that cost against the resulting benefits.
Tangentia can help with the update process, ensuring it is as efficient as possible and minimizes costs, while ensuring full compliance. We have extensive experience implementing SWIFT EDI gateways using solutions from IBM WebSphere Transformation Extender (WTX), IBM Sterling B2B Integrator, GXS, TIBCO and others.
Contact Tangentia for more information on SWIFT 2020 updates.
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Tangentia is a Platinum Partner of IBM and well as partners with Automation Anywhere, UI Path, Blue Prism, Adobe, Microsoft, Salesforce, Amazon and leading enterprise software vendors. We work with customers globally with offices in Canada and India to implement their RPA strategies using an agile methodology.
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