December 2020 we finalized tests to attest FinTP as ISO 20022 CBPR+ (Cross-border Payments and Reporting Plus) Ready. Our team successfully passed the self-attesting for FinTP’s readiness. Details about Allevo and FinTP are available on SWIFT.com.
The successful self-attestation of FinTP is now included in SWIFT communications to the SWIFT community of 11,800 banks.
One of SWIFT’s main goals now is to make ISO 20022 global adoption a success. Migration to this standard has been made mandatory, and a detailed action plan, due to end 2025 is now available. Briefly, mandatory milestones are set as follows:
- 21 Nov 2022 – all participants must receive ISO 20022 messages (migration from MT categ. 1, 2, 9)
- Nov 2025 – all participants must send and receive ISO 20022 messages
A coexistence period is available for sending ISO 20022 messages, between Nov 2022 and Nov 2025.
Allevo extended FinTP with a feature meant to accommodate this requirement, FinTP-CB.
- Customer Credit Transfer (MT103) – pacs.008
- Payment Return (Return-uri de MT103, MT202, MT202COV) – pacs.004
- Financial Institution Credit Transfer (CORE and COV) (MT202, MT202COV) – pacs.009
- Notice to Receive (MT210) – camt.057
- Business ACK / NACK – pacs.002
- Business Application Header (BAH) – head.001.001.0x
- Statements (MT940, MT950) – camt.053
- Confirmation of Debit / Credit (MT900, MT910) – camt.054
- Balance Report si Interim Transaction Report (MT941, MT942) – camt.052
Please reach out if you’d like to learn how FinTP can help you achieve ISO 20022 compliance and how this migration can be as seamless as possible.