Volante Technologies, a global provider of payments and financial messaging solutions to accelerate digital transformation, is set to deliver immediate support for SWIFT Standards Release 2020 message type (MT) messages.
The release comes less than three days after the release of the final specification was made available by SWIFT on 13 March.
According to Volante, these messages will be live on the SWIFT network on 22 November this year.
This is set to allow 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 the implementation of these messages using these AMIs, ensuring 100 percent compliance with the new standards.
Volante explained that SWIFT is migrating from the legacy MT payments and cash management message standards to ISO 20022, starting November 2021.
Volante highlighted that its ISO 20022 solutions can be used to “ease migration to the new standard whilst MT and ISO messages co-exist”.
Venkat Malla, vice president, product management, Volante Technologies, commented: “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.”
Meanwhile, a senior analyst from Aite Group, David Bannister, explained that 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.
Bannister added: “Major market infrastructures worldwide are migrating to ISO 20022, one of the largest being the T2 and Euro1 Big Bang migrations in November 2021. Supporting the latest message standards and being able to send and receive ISO 20022 messages is, therefore, a key requirement for financial institutions of all sizes.”
