MTMX Transformer
Banking and financial institutions are evolving as they transition their payment system from the SWIFT messages exchange network (ISO 15022) to the latest, highly structured, and data-rich ISO 20022 messaging standard. There will be a co-existence window for the next three years where both messaging standards will run. By 2025, ISO 20022 will become the universal standard for all reserve currencies high or large-value payment systems.
MT Messaging to SWIFT CBPR+
Millennium can help your business today with MT(ISO15022) to MX (ISO20022) and MX to MT transformations as defined by SWIFT CBPR+ guidelines.Additionally, we offer flexibility for Financial Institutions to customize the Translation process.
The primary constraint when translating MX to MT is either data truncation, with data being lost in the translation process, or data loss because the MX elements have no corresponding fields in the MT message.
To help solve the Data Loss issue, We are providing a solution that delivers the Truncated Information and the Information lost during the translation process to the Back Office Applications via MT199 Messages or JSON messages and help them process all the necessary information from the original instructions.
Implementing ISO20022 as a Messaging Standard
Every financial institution must map its current payment systems to ISO 20022 standards and have to upgrade their existing systems to support ISO 20022 messaging standards and other systems such as Real-Time Sanctions Screening, AML, and other compliance checks.
Change in Payment Market Guidelines
Every financial institution will face challenges supporting upcoming payment practices like CBPR+, HVPS, and HVPS+. Even though these practices will follow ISO 20022 messaging standards, there will be differences in guidelines for implementing them.
Seamlessly Modernizing Current Payment System
With Millennium's MT Messaging to SWIFT CBPR+ service, financial institutions can seamlessly modernize their payment system to address the complex challenges ISO 20022 presents with minimal impact on their traditional system.
Benefits you will enjoy
Financial Messaging Middleware platform that seamlessly integrates source and destination systems using a Cloud infrastructure.
Agnostic to source adapters – supports Secure File Transfer (SFTP), REST-based API, Message queues, and Kafka. Custom adapters can be built on request.
Innovative handling of Excel, CSV, and fixed-length formats through configuration setup.
Resilient and highly scalable messaging and file processing architecture.
Out-of-the-box transformations for SWIFT, XML, ISO, and other financial institution formats (including local clearing).
Visual dashboards and notifications for ease of monitoring.
Robust security is built-in at all layers. Full encryption of message payloads along with SWIFT LAU.
Millennium’s ISO 20022 Migration Solution
Dynamic Mapping
Dynamic Mapping allows customization of the translation process from the Source Format to the Destination Format. Configurable Options for Source and Destination Formats are analyzed and defined as per the business nature of the Information to be provided as per Field or Tag. Only a specific set of related options for destination format have been provided for each source Field.
Provides sub-field level configurability for a Destination Field where multiple source Fields or subfield information can be mapped based on a priority basis. Destination fields that can accommodate Information from multiple source fields can be configured on a sequential basis. Additionally, we offer the flexibility to add a prefix code that can be used to differentiate the Information provided in the destination field.
Data Truncation
Data truncation provides the flexibility to customize the truncation if any destination field exceeds the size limit.
Let`s take an example for String Fields. If the Truncation exceeds the size limits, it can be configured so that the First, last, or substring of `n` characters can be mapped to the Destination Field. Based on the subfield, Truncation can be configured for Fields containing multiple lines of information.
Main Features
Innovative handling of Excel, CSV, and fixed-length formats through configuration setup.
Visual dashboards and notifications for ease of monitoring.
Robust security is built-in at all layers. Full encryption of message payloads along with SWIFT LAU
Role and Functional based Access Control
Transformations between legacy and ISO20022 formats.
ISO 20022 based canonical data model
Supported Message Standard
Pacs.008 to MT103 / MT103STP
Pacs.009 to MT202 / MT202COV
Camt.053 to MT940
Camt.052 to MT942
Camt.053 to MT950
Pacs.008 to MT102
Pacs.004 to MT103 RETN
Pacs.004 to MT202 RETN
MT103/MT103 STP to Pacs.008
MT202/MT202 COV/MT200 to Pacs.009
MT940 to Camt.053
MT942 to Camt.052
MT102 to Pacs.008
MT103 RETN to Pacs.004
MT202 RETN to Pacs.004
MT950 to Camt.053
Frequently Asked Questions
What is ISO 20022 messaging standard ?
ISO 20022, introduced by the International Organization for Standardization, is an open global standard for exchanging electronic messages between financial institutions.The standard was introduced in 2005 to give financial institutions a standard format for developing messages in one eXtensible Markup Language (XML) rule. The ISO 20022 standard covers financial data between financial organizations, including payment transactions, credit and debit transactions, security trading, and other financial information.
What are the benefits of ISO 20022 ?
Some of the benefits of ISO20022 include the following:
- Protection against Financial Fraud, AML, and Sanctions
- Improved Transparency
- Increased Efficiency and Automation
- Better cash and liquidity risk management
- Better Data Analytics
When is the deadline for ISO 20022 ?
SWIFT has fully committed to adopting ISO 20022 for some messages by November 2025 and is urging all financial institutions to adopt the standard for all cross-border payments.
What are the challenges of migrating to ISO 20022 ?
- Understanding the complexity of ISO 20022 as a new payment standard
- The need for a migration strategy and an execution plan
- Understanding the migration risks and taking mitigating action
- Drawing up the right timeline
- Managing the intense pressure to change