Finastra has launched a message format translation service for banks switching from Swift MT messages to the new ISO 20022 MX standard.
The Transformation Service is available to Finastra’s existing and new bank customers looking to comply with Swift’s November 2025 deadline for the new cross-border payments and reporting plus (CBPR+) rules.
While conceptually straightforward, the practical implementation across the payment chain has been beset by multiple delays and presents several challenges for bank originating and receiving messages and for corporate ERP systems.
“While Swift’s migration from MT to MX ISO 20022 messaging standards comes with many benefits, it can also present significant challenges for banks and other financial institutions. These institutions must ensure that their back-office systems can send and receive MX messages to and from their counterparty - or face serious business disruption,” says Radha Suvarna, chief product officer, Payments at Finastra. "Our Transformation Service will enable a smooth transition to MX messaging, maintaining operational continuity, and it provides flexibility for strategic planning of future system upgrades.”
Embedded as an API-based microservice within the Finastra Financial Messaging platform, the Transformation Service is available to customers running on a SaaS model through managed workflows. It’s also available as a consumable API via Finastra Financial Messaging’s new Self-Serve Portal, where users can access the microservice with a “try before you buy” feature.
The service stays up to date with annual market infrastructure-driven message standard releases and offers flexible enrichment and message handling options to ensure a smooth transformation process says Suvarna.