Finastra Rolls Out Service For Smooth MT To MX Messaging Upgrade

Finastra, a global company known for its financial services software, has introduced a new tool to help banks switch from the old Swift MT messaging format to the newer ISO 20022 MX standard.

This change is important because Swift, the organization behind many global financial transactions, has set a deadline of November 2025 for all banks to start using the new format for cross-border payments and reporting (CBPR+).

Banks Must Update Systems Or Risk Major Disruptions

Even though the switch may sound simple, many banks and businesses are finding it tricky to apply in real life. There have been several delays, and the change affects not just banks, but also companies’ internal finance systems.

Radha Suvarna, Finastra’s Chief Product Officer for Payments, noted that while there are clear benefits to using ISO 20022, the change also brings challenges. Banks need to be sure their systems can handle the new messages correctly, or they could face serious problems with their operations.

To help with this, Finastra created the Transformation Service, which helps banks move to the new format without disrupting their day-to-day activities. It also gives them flexibility to plan for future system updates.

This new service works through APIs and is built into Finastra’s Financial Messaging platform. It’s available to customers who use the platform through a cloud-based Software as a Service setup, or as a standalone API through Finastra’s Self-Serve Portal. The portal even includes a feature where banks can test the service before deciding to buy it.

According to Suvarna, the service will stay updated with yearly changes in market messaging standards. It also offers flexible options to handle and improve messages, which helps banks smoothly manage the transition.

Finastra Teamed Up With TIM Corp To Improve Treasury Services In The Philippines

Finastra recently partnered with Total Information Management Corporation (TIM Corp), a major IT services provider in the Philippines. Together, the two companies plan to improve treasury management services across the country. The firms are offering a cloud-based solution that makes it easier and cheaper for banks to manage their systems. This solution also helps banks grow and adjust quickly to changes.

Migs De Guzman, Executive in Charge of Financial Services at TIM Corp, noted that this partnership is a big step toward providing better banking and treasury tools to banks in the Philippines. By combining Finastra’s international knowledge with TIM Corp’s strong local presence, the companies can help banks move into the digital age and become more efficient.

Finastra is also working with Mediterranean Bank in Libya. The bank has chosen Finastra’s core banking system, called Finastra Essence, to improve its digital banking services. The system supports both regular and Islamic banking and will help the bank offer more personalised services and better customer support. Once in place, this new system will allow Mediterranean Bank to adapt faster to changes, keep innovating, and rapidly roll out new offerings.