This development of an XML based SWIFT format has evolved into what is now known as ISO 20022.
While many in the SWIFT community believe that MT currently supports their needs, the flexible and adaptable nature of MX enables the use of new business processes and provides enhanced messaging capabilities.
To enable a smooth migration from MT to MX, SWIFT is operating a period of coexistence which will enable financial institutions to deploy MX in a phased approach. This will allow priority to be assigned to the business domains that they feel will most benefit from the MX enhancements.
This coexistence phase is expected to last in the region of 3 years, with the final switch off of MT to be decided depending upon the prevalent business case.
Our MX solutions are designed to provide total flexibility with regard to which business domains you choose to migrate at any given point, while ensuring coexistence with our range of MT solutions.
The following business areas and message sets are supported by the SWIFT MX - Payments and Cash Management development tool.
- Payments Initiation
- Payments Clearing and Settlement
- Cash Management
Take the next step to discover why Datamation are the perfect choice to be your SWIFT strategic partner.
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