SWIFT ISO 20022

SWIFT ISO 20022 is one of the hot topics especially in payments . Why so?  It's because payments messaging is moving to embrace this new way of talking called SWIFT ISO 20022. A completely new way of communication between the messaging applications. So what was the need of moving from the old MT to this new ISO20022 MX series. Well its as the rich data format that is provided by ISO 20022.   

You may be a beginner on this journey or someone who has already begun. However the important thing to note is to avoid the potential pitfalls that you may face during the migration. Migration sounds like a really cool and interesting prospect in technology domains however it brings in a lot of challenges along with it.

SWIFT has published a great guide for beginners called ISO 20022 for Dummies . You can check out the link from the Useful Links and Website Section. This will give you a good idea about the syntactical aspects of ISO 20022. 

As you can see in the diagram above , it depicts the differences between the MT and the MX flow.  The underlying players in both the two flows are the same however the differences lie in the way the communication is happening. MT series has messages starting with MT and a number with it that tells us what the particular message is all about however the MX series with pacs and a number. The attached presentation in the resources section of this website will give a complete overview about this. So do check it out ! 

Further, I will be updating this section with more details on the SWIFT ISO 20022 details .This will cover more details around the type of messages and the way they are structured etc. We will also try to cover some of the key aspects like creating and referring the logical modelling and the data dictionary for these messages.

Stay tuned and Thank you for visiting this Page.