Identitii, Trace Financial ease ISO 20022 migration for SWIFT member banks

The partnership will provide banks with a more secure and cost-effective way to migrate to ISO 20022 financial message standards. The combined solution will enable the translation of SWIFT MT messages to ISO 20022 (MX) messages without the risk of truncation or loss of data providing a secure, trusted and auditable way for banks to collect, index and retrieve data from the original payment message.

With a joint focus on sales and marketing, the partnership will target SWIFT member banks, numbering more than 11,000 in over 200 countries, undertaking the complex migration to ISO 20022 and who are looking to reduce the cost of converting their existing payments technology systems.

Under the agreement, Identitii will integrate Trace Financials’ Transformer into its Overlay+ platform. The combined solution will enable the translation of payment messages from the existing MT format to ISO 20022, and will provide enhanced data security and integrity, ensuring no information is lost in the process due to the Overlay+ information exchange layer. The integration will enable Overlay+ to enhance the SWIFT payment rails with data and documents related to the purpose, origin and beneficiary of a payment at the time a payment is made.