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Allevo FinTP is ISO 20022 CBPR+ ready

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.

FinTP is ‘ISO 20022 CBPR+ ready’

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.

Instructions processed:

  • 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.

 

 

 

 

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