Legacy

SWIFT FIN

The legacy messaging system used by financial institutions worldwide for secure and reliable financial communication. Primarily uses the MT (Message Type) format, which includes a wide range of standardized messages for different financial operations.

More Info on SWIFT FIN

• MT Format: Uses Message Type format for financial transactions.
• Reliability: Highly secure and reliable communication network.
• Wide Adoption: Used by over 11,000 financial institutions globally.
• Standardized Messages: Includes various message types for different operations like payments, securities, and trade finance.

ISO20022

SWIFT MX

The modern messaging standard that provides richer data and enhanced interoperability for financial transactions, using a flexible and comprehensive XML format, enabling more detailed and structured information exchange.

More Info on SWIFT MX/ISO20022

• XML Format: Utilizes XML for rich, structured data exchange.
• Interoperability: Enhanced compatibility with different systems and platforms.
• Richer Data: Allows for more detailed transaction information.
• Future-Proof: Designed to support future financial services innovations.

CBPR+

CBPR+

Cross-Border Payments and Reporting Plus is an initiative by SWIFT to modernize and standardize cross-border payment and reporting messages using the ISO 20022 format. It aims to enhance the efficiency, transparency, and compliance of cross-border transactions.

More Info on CBPR+

• ISO 20022: Uses the ISO 20022 standard for cross-border payments.
• Transparency: Provides detailed information for better transaction tracking.
• Efficiency: Streamlines cross-border payment processes.
• Efficiency: Streamlines cross-border payment processes.
• Coexistence: Supports the transition period from SWIFT FIN MT to ISO 20022.