SWIFT platform evolution
Global Vendor Webinar June 2021
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Admin notice
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Agenda
Highlights
SWIFT platform evolution key concepts
In flow translation
Resources : focus on Connectivity Guidance
Working together as a community
Scope, objectives and benefits
Using APIs as enablers
Getting ready for November 2022
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Highlights
− SWIFT platform evolution key concepts
− In flow translation
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SWIFT platform evolution
Key concepts
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ISO 20022 will provide consistent, rich and structured data across the
payments chain
Domestic payments Correspondent banking Domestic payments
Client Client
(HVPS+) (CBPR+) (HVPS+)
ISO ISO ISO ISO ISO
Ultimate Debtor Debtor MI Intermediary & Intermediary Intermediary & MI Creditor Creditor Ultimate
Debtor Agent MI participant MI participant Agent Creditor
& MI & MI
participant participant
ISO 2022 as standard of choice Improve payment automation and compliance, and enable
new client services with ISO 20022 features
High value payment systems for reserve currencies
Consistent data model across the entire payments chain
Next generation Instant Payment systems
10x more space than SWIFT MT
By 2025 80% of all currency settlement is estimated to use
ISO 20022
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Release 1 scope overview
Transaction integrity and tracking
Value
Format Embedded Intermediary Creditor agent
Pre-validation
Rev iew + serv ices + processing + added + processing
serv ices
Debtor Intermediary Market Creditor Creditor
Agent infrastructure Agent
Corporate to bank flow s Traffic related to
not in scope of release 1 Market Infrastructures
not in scope of release 1
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Traffic that will be handled by the transaction manager
SWIFT will automatically route traffic (in Release 1 scope) to the transaction manager
Existing
processing
Transaction
manager
Sender Receiver
MT form at ISO 20022 form at API Traffic not in scope of release 1
MT 103 Based on CBPR+ usage Equivalent business flow s • Other FIN payments and other FINplus CBPR+ traffic
incl. MT 103 STP, RETN, guidelines pacs.008
REJT pacs.009, incl. COV • Other Business areas (eg securities, trade,...)
MT 202/205 pacs.004 • Market infrastructure (MT and MX) related traffic
incl. MT 202/205, RETN, pacs.002
REJT • Corporate-bank flows
MT 202/205COV
incl. MT 202/205COV, RETN,
REJT
MT 192/292 (to the Tracker) camt.056 (to the Tracker)
MT 196/296 (to the Tracker) camt.029 (to the Tracker)
Receivers must still be able to use existing
(response to n92)
channels and formats for this remaining traffic
Apart from the messages listed in this table, SWIFT w ill also provide the capability to receive a
number of other CBPR+ messages in the format of an "ISO 20022 message w ith embedded MT
format".
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In flow translation
Concept and testing
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ISO migration – timeline
MI Q4 2022
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
• BoE(Live) • T2 ESMIG live
• Paycan (Pilot) • BoE (Pilot) • T2 ESMIG (Pilot) • MAS (Live)
• HKEX (Pilot) • PayCan (Pilot)
• EURO1 (Live)
• Philipass (Live) • MAS (Pilot) • EURO1 (Pilot) • PayCan (Pilot)
• Philipass (Pilot) • HKEX (Live)
• PayCan (Live)
• EURO1 (Pilot)
Nov 2022,
Transaction manager
(Live)
CBPR+ March 2022, Nov 2022,
Nov 2020, June 2021, Nov ember 2021, Transaction manager In-flow translation
FINplus (Pilot) In-flow Translation (Pilot) In-flow translation (Pilot) (Pilot) - TBD (Liv e)
• FINplus service • Pilot 6-9 Customers • Pilot all Customers • Pilot Transaction
available Management
• Test Sparring Partner • CBPR+ Final ISO
• CBPR+ Limited ISO available collection
collection
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More information on ISO programme: https://www.swift.com/standards/iso-20022-programme
The concept of in-flow translation
ISO 20022 MT legacy
Validation Translation
FINplus channel
pacs.008 pacs.008 / MT 103
(example) (example)
WHAT HOW
• SWIFT creates an MT representation derived from the ISO 20022, • Translation happens during the processing of the message at
containing equivalent data fields. SWIFT, before delivery to the receiver.
• Always from ISO 20022 to MT, based on CBPR+ translation rules. • Delivered as a "multi-format" MX message: same message
• Cases where data has been truncated are explicitly indicated. containing both the original ISO 20022 MX and the translated MT.
• Available for eligible messages on the FINplus service.
• Key interoperability measure to support migration of cross-border
payments and cash reporting to ISO 20022, allowing receiver to • Additional signature to ensure integrity of the translation.
still rely fully or partially on legacy format if not ready yet.
• Can be complemented by local translations solutions
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The multi-format MX message
• ISO 20022 message delivered through SWIFTNet
InterAct store-and-forward using the FINplus service.
• Translated MT carried within the RequestPayload
element.
• Three XML comments added by SWIFT
1. Translated MT
2. Translation result
3. Translation info and, possibly, further information
... like the list of fields that were truncated
1
• Truncated fields contain as last character a "+“ (plus).
2
3
• Any character not allowed in MT replaced by a ".“ (dot).
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When can I (re-)start testing?
Q1 2021 July 2021 Nov 2021
[Feb] Specs for CBPR+ 2.0 In-flow translation
in-flow translation available available
on FINplus ITB on FINplus ITB
[Mar] CBPR+ 2.0
for testing for testing
collection
• CBPR+ 2.0 Usage Guidelines published in March 2021, baseline for implementation in November 2022
• FINplus ITB and Pilot Future will be upgraded accordingly on July 25, 2021.
• As from November 2021, in-flow translation will be enabled when ordering FINplus subscription. Participants
already subscribed will automatically be enabled too.
• By default, in-flow translation will be active and participants will receive multi-format MX messages.
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SWIFT platform evolution:
Resources
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Connectivity Guidance paper
Update on availability of the API specifications
Version 1.1
available now
More information on the Interfaces Release Timeline
New detailed annex added on messages in scope of Release 1 as well
as an overview of centrally available translation solutions for CBPR+
messages.
Download the SWIFT platform evolution: Connectivity You may also stream the on-demand Connectivity
guide to find out more about our platform approach and Guide walkthrough or download it here.
what it means for you.
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Connectivity Guidance paper
Download the full paper from swift.com for additional information:
Summary of connectivity Annex 2: Multi-format message
options characteristics Updated
Identification of sender and receiver
The sender and receiver fields are not
changed - they remain as specified by
the sender.
New
Annex 3: Overview of messages
Annex 1: API connectivity
Receiving a multi-format MX
message
The "ISO 20022 message with
embedded MT format" is available to
the receiver both for messages
delivered from the transaction
manager, as well as other CBPR+
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is available.
Connectivity Guidance paper : Messages overview
Examples
Table 1 Messages processed pacs.008
pacs.009
by transaction manager Release 1
...
Messages in scope of CBPR+ Table 2 camt.052
November 2022 Messages for which SWIFT provides camt.053
(CBPR+ Release 2.0) in-flow translation (only) camt.054
...
pain.001/2 relay
Table 3 Out of scope of transaction manager pacs.010
No in-flow translation camt.060
Target for scope of CBPR+
November 2023 Table 4 ISO 20022 equivalents for MTs such as: 110/111/112
190/191
(Translation rules to be defined) 290/291/292
...
List of messages 198/199
Table 5 No ISO 20022 equivalent or translation
950
without translation rules
...
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How to get started : SWIFT Platform page on the Knowledge Centre
One stop shop for all
technical specifications
Central information
repository :
- Connectivity guidance
- Summer 2021 :
Getting started guide,
SWIFTSmart
modules, FAQ,..
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SWIFT platform evolution:
Working together as a community
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Scope, objectives and benefits
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Working together together as a community
Pre-validation
Mutualising capabilities
Sanctions
Platform capabilities
screening
Fraud detection Improve end-to-end efficiency
Data analytics
Transaction Reduce total costs
tracking
Exception case
management
Bring new business value
Et al.
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Working together together as a community : the vendor readiness programme
Information Specifications Certification
Plans & timelines Rule books Testing tools
Readiness journeys Usage guidelines Readiness assurance
Support Business rules & technical specs Compatibility labels
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Transaction management vendor readiness
Connectivity Business applications
Interface Payment & messaging
Service bureaux Sanctions screening
Reconciliation
Core banking
Cash management
Exceptions & investigations
Etc…
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SWIFT platform evolution:
Using APIs as enablers
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API enabled business applications
What do you need to do to be ‘transaction management ready’?
Channel accreditation : SDK and/or Microgateway
1 Register on SWIFT Developer Portal (https://developer.swift.com)
2 Navigate the API Catalogue
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API enabled business applications
What do you need to do to be ‘transaction management ready’?
Functional Accreditation: Specific API Services (gpi, transaction
management,… ) + Security and Operational
1 Visit the SWIFT Developer Portal
2 Navigate the API Catalogue
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SWIFT API Product Roadmap
Live In Development (0-9 months) Next up In review
Pay ment Low Value Pay ment
gpi Core Serv ices gpi Case Resolution Transaction Manager
pre-v alidation Central Reporting
– v3 & v4 – v3 & v4 – Credit Transf er
– v2 API
Pay ments
gpi f or Corporates
gpi Stop and Recall gpi Core Serv ices gpi Low-Value Low-Value Pay ments
– Pay & Trace
– v3 & v4 API – v 5 Cross-Border Pay ments Eligibility API
– v3 & v4
gpi f or Corporates
Pay ment gpi f or Corporates
– Inbound Tracking Fees Prediction
pre-v alidation – v 1 – v5
– v3 & v4
KY C Registry Compliance Analy tics FCC Fraud Detection
– v3 – v2 Risk Scoring
Compliance
KY C Registry FCC Transaction
Compliance Analy tics FCC Get Alerts FCC – PCS Notif ications FCC Name Screening
– v1 & v2 Screening
SWIFTRef API Observ er Analy tics Banking Analy tics Observ er Analy tics
Banking Analy tics SWIFTRef – v 3
– v1 & v2 – Speed Premium – Routing
Data
Observ er Analy tics
Traf f ic Analy tics
– Deducts & Totals
E2E Monitoring
Consolidated View of
Securities
Serv ices
Settlement Status
Holdings & Reporting
& Conf irmations
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visit the SWIFT API Programme page on swift.com for more for details
SWIFT platform evolution:
Getting ready for November 2022
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Connectivity solution providers
What do you need to do to be ready for go-live in November 2022?
If you provide an interface : perform the necessary development and
testing to comply with the specifications
Certified SWIFT interfaces have received the specifications* and instructions on how
1 to perform the required assurance testing
Further details can be
found on the Compatible
Interface Programme page
2 Work with your customers / end users to ensure their application(s) can receive and
process the output from the interface
*Specifications are only available to providers who have bought a SNL Developer license or a SAG Developer license to develop a messaging
interface
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Connectivity solution providers
What do you need to do to be ready for go-live in November 2022?
If you provide a service bureau and are using an interface solution: check your
interface supports multi-format message handling
1 Ensure you comply the latest terms and conditions of the Shared Infrastructure Programme
If using a SWIFT connectivity solution ensure you have updated to SWIFT Alliance Access v7.6+ / Further details can
2 Alliance Messaging Hub v4.2+ be found on the
Shared Infrastructure
3 If using a third-party connectivity solution please contact the provider to understand their release plan Programme page
Work with your customers / end users to ensure they can receive and process the output from your
4 service bureau
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Non-API enabled business applications
What do you need to do to be ready for go-live in November 2022?
Work with your connectivity solution to check it supports multi-format message handling
and your application(s) can receive and process the output
If using a SWIFT connectivity solution ensure you have updated to SWIFT Alliance Access v7.6+ /
1 Alliance Messaging Hub v4.2+
2 If using a third-party connectivity solution please contact the provider to understand their release plan
Work with your connectivity solution, customers, and other application providers to perform end-to-end
3 message and data flow testing
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Transaction Management Vendor Readiness Roadmap
2021 2022
Pre- Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Jun
Global Global vendor
comms & webinar
key
Newsletter
deliverables
Deliverables See Sparring partner
Notes 1 available
Transaction
Connectivity Interface Tech &
Test interfaces and aw ard labels Interfaces ready management
readiness test specs 2
go-live
Service Shared Infrastructure Programme
bureaux terms & conditions updated3
Readiness assurance Service bureaux ready
Business API enabled See Deliver against API roadmap
application apps Notes 4 (see next slide)
readiness
Non-API
Work w ith your connectivity solution to check it supports multi-format message handling and your application(s) can receive and process the output
enabled apps
1Deliverablenotes Transaction Management 2Specs only available to
providers who 3Further details canbe found on the 4Tools for API
Enabled Apps
Connectivity Guide v1.1 have bought a SNL Developer license Shared Infrastructure Programme page Developer portal
or a SAG Developer license Software Development Kit
CBPR+ v2 usage guidelines and user handbook Microgateway
Global Vendor Webinar recordings Further details can be found on the API catalogue
Adoption guide Compatible Interface Programme page Playground & sandbox
Adoption briefings
Training
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[email protected] www.swift.com
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Current channels/formats continue to be used
FIN/MT When Release 1 of the transaction manager goes live in November 2022, financial
institutions may still require a capability to receive MT messages over FIN.
This is because:
• Only a subset of cross-border payment messages are in scope for Release 1. Other
message types of FIN category 1, 2 and 9 messages, are not in scope for the transaction
manager Release 1.
• Other business areas (securities, trade, etc.) will continue to be exchanged as today.
• Payment market infrastructure related legs of a transaction will not be processed yet
through the transaction manager for Release 1.
• The transaction manager will not process all eligible MT-originated traffic immediately as
of the live date. It will gradually start processing more traffic during a traffic build-up
period.
Institutions exchanging CBPR+ messages not in scope of Release 1 will continue to receive
InterAct/ISO 20022
those messages over the FINplus service.
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