Finastra has rolled out a new message format translation service to help banks manage the shift from legacy Swift MT messages to the ISO 20022 MX standard, ahead of the November 2025 CBPR+ compliance deadline.
The new Transformation Service is tailored for Finastra’s existing and new customers aiming to meet Swift’s rules for cross-border payments and reporting (CBPR+). While the migration offers long-term efficiency and data-rich messaging benefits, the transition itself is complex—posing challenges to banks, payment originators, and even corporate ERP systems.
“While Swift’s migration from MT to MX ISO 20022 messaging standards comes with many benefits, it can also present significant challenges for banks and other financial institutions,” says Radha Suvarna, chief product officer, Payments at Finastra. “Our Transformation Service will enable a smooth transition to MX messaging, maintaining operational continuity and offering flexibility for future system upgrades.”
The solution is delivered as an API-based microservice, embedded within the Finastra Financial Messaging platform. It’s available to SaaS customers via managed workflows, and also as a consumable API through Finastra’s new Self-Serve Portal, complete with a “try before you buy” feature.
The service includes real-time updates in line with annual market infrastructure changes and offers flexible enrichment and message handling options to ensure a smooth and stable migration process.