In November 2021, the SWIFT migration starts with replacing SWIFT MT formats and introducing XML formats in the field of large-value payment transactions. As of November this year, banks already have to support certain processes for complaints of SEPA payments. valantic’s FinCASE is a proven solution for processing exceptions and investigations and the software already supports  ISO 20022-based complaints. Up to now, SEPA, SWIFT MT as well as other bank-specific message formats are used for electronic payment transactions. With the objective of defining a uniform standard for the formats of, for example, bank statements and payment media, the SWIFT payment transfer is shifting to the ISO 20022 message standard. Prospectively, XML-based message definitions (MX messages) will replace the so far common MT message types.

Due to the consistent growth of infrastructures in payment transactions and the necessity to extend the processability of payments in different areas, the migration in payment transactions is being actively promoted. The internationally used ISO 20022 standard supports formats which are considerably more flexible than existing country- and bank-specific message formats and thus provides significant benefits in the field of process handling, such as the provision of extended bank transaction information and enabled improvements for processing complaints.

Basically, each XML value of the source file is forwarded to the target file. When consistently using XML-based messages, the “XML cycle” remains closed and no information can be lost and/or has to be shortened on the receiver’s side. The use of an end-to-end payment processing also simplifies the interoperability between cross-border payments and domestic real-time payments. With FinCASE, the impending migration is fully prepared and considerably simplified for the utilising institutions, particularly as long-term sustainability can be secured.

valantic Financial Services Automation is a business unit of the global valantic Group (www.valantic.com), a worldwide leading supplier of software solutions in the sections Electronic Trading, Payment and Transactions. valantic supports leading banks and financial institutes on their course for growth by means of standardised or customised solutions in the field of Digitalisation, Open Banking, Automation and the simplification of business operations. In addition to the development of banking solutions, valantic is experienced consulting and producer-independent implementation partner for the financial industry. Since more than two decades, the company supports clients such as Erste Bank, Santander, DZ Bank or UniCredit Group. More than 250 IT and finance specialists ensure a smooth and personal service from different locations. The valantic Group is taking the lead in digital transformation and belongs to the leading digital solutions, consulting and software companies with more than 800 developers and consultants worldwide.