SWIFT has launched its new In-flow Translation service and confirmed that it now offers a full ISO 20022 customer testing environment for cross-border payments.

In-flow Translation will enable financial institutions to migrate to ISO 20022, even if their counterparts have not yet adopted the standard.

The ISO 20022 standard migration for banks in the SWIFT network starts in November 2022 and runs to November 2025.

SWIFT said the availability of a test environment means that customers can now prepare for ISO 20022 a year before it goes live.

The service translates rich ISO 20022 messages into the existing MT format for banks that are not ready to process ISO 20022 messages immediately – and it ensures both message formats are delivered so customers always have complete data.

SWIFT has made In-flow Translation available for testing early to help banks familiarise themselves with ISO 20022 and gain experience in the new operational environment.

Early adopters will be able to start using the service from August 2022 on an opt-in only basis.

All banks will be automatically enrolled in the service in November 2022 to coincide with the mandatory start of cross-border migration and the go-live of ISO 20022 for high-value payments in the Eurozone.

Stephen Lindsay, business lead, at SWIFT Platform, said: "One of the guiding principles behind our strategy for instant and frictionless payments is to ensure that nobody is left behind and that institutions are able to migrate in a way that suits them and their customers.

"We are delivering on this promise through the launch of In-flow Translation and the completion of the customer testing environment for ISO 20022, ensuring our community has plenty of time to prepare for the new standard. The move to ISO 20022 is a key component of our strategy that will unlock significant business benefits for banks. In-flow Translation will be vital to making the transition as smooth as possible by supporting interoperability between messages types.”

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