The first release of the enhanced platform will go live in November 2022, supporting MT messaging and ISO 20022, while also allowing connections via APIs.
SWIFT is planning to launch the first release of its enhanced platform in November 2022, which it says will “enable instant and frictionless transactions from one account to another, anywhere in the world.”
The enhanced platform will provide a set of common transaction processing services, such as pre-validation of essential data, sanctions screening, fraud detection, data analytics, transaction tracking and exception case management. This is aimed at mutualising capabilities that are typically provided, and invested in, by each financial institution individually, SWIFT says.
“By bringing together data and common services, we aim to significantly improve end-to-end efficiency and reduce total costs, while bringing new business value to end customers.”
The first release of the enhanced platform is set to go live in November 2022, supporting connectivity using existing messaging formats and services, and adding the option to connect using APIs.
SWIFT says users of MT messaging may continue to use the format until the ISO 20022 migration deadline for cross-border payments and reporting in November 2025.
“The platform will ensure interoperability between users of different data formats and connectivity channels, with the full benefits of richer data and advanced platform features available to those using ISO 20022 and APIs.”
SWIFT has published a new information paper providing information on the options available to connect to the enhanced platform, to allow financial institutions to plan their implementations.
The paper is available to SWIFT members here.