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SWIFT decided to move to XML standards in year 1999. Since then, we have been hearing about MX standards (XML based). In all SWIFT presentations I have seen so far, I always hear about MX messages. SWIFT also maintains and releases MX standards every year. I always get a message that SWIFT will finally be moving everything to MX, but I never get a concrete end-date!
Yes, we should not move to new technology/approach for the sake of changing! But here, I clearly see a case for moving towards XML based SWIFT messages. From SWIFT, I see a strategy of co-existence of 2 standards for 1 objective. Why would anyone do that! Is it just because SWIFT has done extensive investment to evolve and support MT standard? I think format of MT messages is not the best way to represent any message especially when it is so evolving and require updates every single year.
Moving completely to XML based would have immediate benefits:
SWIFT has been through major changes before and should not hesitate to do this again if change brings long term benefits. With every growing volume of SWIFT messages and SWIFT customers - good changes should come sooner than later.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
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