FACTSHEET I SWIFT Translator

Easy translation to ISO 20022

Reduce the risk and costs involved
in messaging standards upgrades

Global financial systems are currently Introducing SWIFT Translator

Macro Challenge going through profound transformation.
This is due to a plethora of reasons MyStandards presents SWIFT
including regulatory compliance, the Translator, a message translation
The majority of updating of legacy technologies, and offering that allows you to define format
financial institutions the provision of new market-efficient translations from any format to ISO
infrastructures and services. 20022 or MT. This solution combines
around the globe SWIFT’s Standards expertise with state-
will soon have To help negotiate these considerable of-the-art technology.
adjustments, a key global standard for
to replace their new or modernised Financial Market After defining and testing of the
current messaging Infrastructures (FMIs) has emerged, mapping, SWIFT Translator can be
formats as a result called ISO 20022. An open industry deployed within a third party integration,
standard that provides common middleware product, or even at the
of the migration definitions and structures for transaction business application level.
to, or planned data, ISO 20022 can replace the
limited, proprietary formats that were Flexible Features
implementation of, often specified in the past with many
ISO 20022 standards additional advantages.
–– Lightweight and flexible runtime
by several important This increasingly widely-adopted
–– Deployable as a standalone
Financial Market standard can provide efficiencies for
global banks that participate in multiple –– Can be integrated with
Infrastructures. FMIs, enabling robust end-to-end MyStandards
business processes without loss or
misinterpretation of data, and promoting –– Define your own format
a level playing field for participants with –– Map from one format
a reduction in switching costs and to the other
implementation effort.
–– Test your mapping
Benefits for Markets moving Some FMIs are apprehensive, however, –– Deploy it in any Java
to a new standard about the adoption of ISO 20022 environment
because the definition of transformation
logic within integration projects can be –– Compatible with our
Reduce risk associated with migrating current integration offering
a major investment. These firms are
to a new standard
lacking in either time, resource, or in-
Reduce overall cost for Market house expertise to implement such an
Infrastructures and market extensive upgrade.
participants
Light footprint solution to translate
any format into ISO 20022 / MT
From definition to implementation
Document & Specify
Validate & Translate
Risk reduction
SWIFT Translator has the ability to
convert proprietary messages into
the ISO 20022 / MT format for all
participants of an FMI’s community,
dramatically reducing the risk of firms not
being ready for the ISO 20022 cut-over
date. For those organisations lacking
in resource or expertise to implement
the upgrade, SWIFT Translator’s runtime
can be reused across different players
requiring only a limited amount of
customisation.
Cost reduction
With the use of SWIFT Translator, costs
associated with the development of
messaging upgrades are estimated to
be reduced by up to 50% compared
to manual basis implementation. The
maintenance costs related to future
versions of standards changes will
likewise be decreased.
Readiness
MyStandards
Portal
Consume & Test
SWIFT
Translator
Validate & Translate
SWIFT Translator reinforcing Benefits for
MyStandards offering MyStandards customers
MyStandards is a collaborative web Back-office integration reusing
platform that helps customers manage MyStandards guidelines for message
global financial messaging standards, translation
and ensures their internal specifications
Runtime validation on specific formats
and guidelines are in line with market
defined in MyStandards
practice. Used to create, maintain,
document, publish, share, compare Facilitate onboarding by defining
and consume ISO 20022, MyStandards translation rules
significantly reduces implementation
Decrease the number of formats your
costs and effort and drives community-
back-office needs to handle
wide harmonisation.
Deploy in a network agnostic
From message definition to environment
implementation, SWIFT Translator
reinforces the MyStandards value
proposition as a platform to solve all
standards-related issues.
57330 - October 2017
More information
SWIFT © 2017
For more information, contact your
SWIFT account manager or email us at:
mystandards@swift.com