The new Transformation Service is a microservice within the Finastra Financial Messaging platform.
Finastra, a provider of financial services software applications, recently launched its Transformation Service in support of the translation of MT formatted messages to the new ISO 20022 MX messaging standard.
The new service is intended to help firms with financial messaging cooperative Swift’s migration from MT to MX ISO 20022 messaging standards.
“The Transformation Service is available to Finastra’s existing and new financial messaging customers looking to comply with Swift’s November 2025 deadline for the new cross-border payments and reporting plus (CBPR+) rules,” officials say.
“While Swift’s migration from MT to MX ISO 20022 messaging standards comes with many benefits, it can also present significant challenges for banks and other financial institutions. These institutions must ensure that their back-office systems can send and receive MX messages to and from their counterparty – or face serious business disruption,” says Radha Suvarna, chief product officer, payments at Finastra, in a prepared statement.
Finastra’s Transformation Service can be embedded as an application programming interface-based (API) microservice “within the Finastra Financial Messaging platform,” officials say. The Transformation Service is available to customers “running on a SaaS [software-as-a-service] model through managed workflows. It’s also available as a consumable API via Finastra Financial Messaging’s new Self-Serve Portal, where users can access the microservice with a ‘try before you buy’ feature.”
Finastra offers applications across lending, payments, treasury and capital markets sectors and for the universal (retail and digital) banking sector, officials say. The company serves approximately 8,100 financial institutions, including 45 of the world’s top 50 banks.
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