About 1,000 fund players in 76 countries are using SWIFT and they exchange millions of funds-related messages per year.
In 2001, the community approached SWIFT to create a new solution to handle the funds business. The next year, SWIFT delivered a tactical solution (ISO 15022) and started to develop a full range of ISO 20022 messages that enabled the industry to automate and standardize the entire funds transaction lifecycle. The ISO 20022 messages are commonly called "MX messages", referring to the fact that they are based on the XML rather than the FIN syntax. These ISO 20022 funds messages offer higher automation, and thus have straight-through processing (aka "STP") opportunities. Compared to the older MT messages, they add value by standardizing new business flows, like pension transfers, and additional market players, like money markets and pension funds.
MyStandards helps the funds migration
By holding on to the older MTs to handle their funds business transactions, institutions are actually paying more than they should. The newer ISO 20022-based SWIFT solution can reduce institutions’ costs by as much as 40%, mainly owing to higher STP rates, while capitalizing on new transaction flows.
MyStandards provides users accurate information in the ambitious migration program that has been put in place to migrate funds users to ISO 20022 by the end of 2015.
It helps you define your user documentation for your new ISO20022 based standards and with the Readiness Portal, your customers can check their readiness to do business with you.