SWIFT MT to MX Converters: Don’t throw away your biggest asset
After many years of delays and discussion, ISO 20022 go-live is finally upon us, with the date set for November 2022. But despite the new payment standard being years in the making, many banks appear to have been caught unprepared. We’re working with several firms that require help with SWIFT MT to MX mapping and conversion (and vice versa) to ensure that they are ready to send and receive messages in the new ISO 20022 file format. But we’re also imploring them not to waste the strategic opportunities ISO 20022 presents.
SWIFT MT to ISO 20022 Mapping: Too simple a solution?
Firms who come to us looking for an MT to MX conversion tool have concerns about being ready for November. After a turbulent couple of years, ISO 20022 projects may have slipped down the priority agenda, leaving teams scrambling to catch up.
We’re happy to help – MT messages are so deeply embedded in the systems and processes of banks, their partners, and customers that MT to MX conversion will be an inevitable requirement for at least the short term. However – relying on this in the long term will mean sacrificing something that banks are currently spending a great deal of time and effort to manage and monetise – data.
Messages in the new ISO 20022 specification contain richer and more granular data. By simply relying on an MT to MX converter, banks are throwing away a valuable asset – standardised, unambiguous data that can drive added customer value, faster entry to new markets, innovation and transformation, and automation, to name a few of the benefits.
So if you’re looking for an MT to MX converter, then speak to our team today – we’ll make sure you’re ready for the deadline with our comprehensive set of off-the-shelf standard transformations, mapped and ready to use - we maintain and revise these on your behalf with each iteration and can quickly and easily customise them if required. But also, think about the bigger picture – we’re working with firms around the world to provide a complete solution for message transformation, multi-banking, cash, and payments which enables them to harness the long-term strategic value of ISO 20022 and would be pleased to share with you how we can deliver this.