ISO 20022 and SWIFT Messages

Question

Does the ISO 20022 standard message types have a one to one counterpart with SWIFT MX and SWIFT MT?

So far I have looked into the documentation of each one of them, but it's all too much and I'm still trying to wrap my head around it.

Leinster

Answer 1

No.

SWIFT MT is their implementation of ISO 15022. It is sometimes known as "FIN", within SWIFT. SWIFT MX is their implementation of ISO 20022. SWIFT MTXML is their implementation of ISO 15022 with the benefits of the ISO 20022 syntax.

Some Business Process in ISO 15022 have equivalents/successors in ISO 20022, such as Payments; but many do not. And ISO 20022 includes many business processes, that have no ISO 15022 equivalent, such as Transfer Agency.

In summary, the sets of ISO20022, ISO15022, SWIFT, MX, and MT are all distinct.

The easy way to program it is too use a programming library that takes core of it for you, such as C24 or Volante. There are many other options, but I'd recommend these two as programmer friendly.

Spritsail

anything available in open source that you could recommend @Spritsail – Parrotfish

You can use the Prowide open source libraries to do a programatic conversion for the message types that are equivalent. You have a library for MT and a fresh new one also open source For ISO 20022 at github.com/prowide/prowide-iso20022 – Batish