What is the ISO 20022 Compliance for SWIFT network users?
As of March 2023, ISO 20022 has been integrated into the SWIFT cross-border payments network, marking a significant milestone in the financial industry's transition towards standardized messaging. ISO 20022 Compliance for SWIFT network users entails adapting to the new payments message standard, ensuring that outgoing MX messages meet the structured data requirements mandated by ISO 20022. The deadline for compliance varies depending on regulatory mandates and internal strategic timelines of financial institutions, but the transition is imperative for ensuring seamless interoperability and unlocking the full potential of enhanced data richness.
Coforge's ICaaS helps SWIFT users become ISO 20022 compliant.
Coforge's ISO 20022 Compliance as a Service (ICaaS ) offers a comprehensive solution to streamline the migration process for SWIFT users. By leveraging strategic partnerships and advanced technologies, ICaaS provides end-to-end support, including specialized consulting, advanced migration tools, ISO 20022 data products, and robust testing services. This holistic approach empowers financial institutions at any stage of their migration journey, facilitating a seamless and cost-effective transition to ISO 20022 compliance
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