Volante Technologies, a global provider of payments and financial messaging solutions, has announced immediate support for SWIFT Standards Release 2020 MT messages. The final specification of this release was made available by SWIFT on the 13 March 2020.
Volante implemented the updated SWIFT messages, releasing less than three days after the release. These messages will be live on the SWIFT network on the 22 November 2020 giving users of Volante Designer and the SWIFT plug-in for SR 2020 more than eight months to enhance their SWIFT applications and test them before the go-live date.
Validators for the new SWIFT SR 2020 MT messages are also available as Amazon Machine Images (AMIs) on the AWS Marketplace. Users can validate implementation of these messages using these AMIs, ensuring 100% compliance with the new standards.
SWIFT is migrating from the legacy MT payments and cash management message standards to ISO 20022, which now starts at the end of 2022, with the Cross Border Payments and Reporting Plus (CBPR+) working group having defined the message and usage guidelines for cross border payments. Volante supports these new messages as well as the translations between the MT and ISO 20022 messages. Volante’s ISO 20022 solutions can be used to ease migration to the new standard whilst MT and ISO messages co-exist.
“The benefits of using ISO 20022 messages include richer data, which in turn increases transparency, improves sanctions and compliance screening, and helps reduce errors in processing,” commented David Bannister, senior analyst at Aite Group.
“At the heart of our ability to deliver upon the immediate business benefits of SWIFT standards support and ISO 20022 lies Volante Designer, which is capable of handling the most complex data integration and management challenges,” said Venkat Malla, VP, Product Management at Volante Technologies. “Indeed, Designer is our heritage product which for more than nineteen years has helped some of the world’s largest banks, market infrastructures, exchanges, clearing houses, corporate treasuries, and card networks benefit from accelerated implementation and greater automation.”
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