standard to ISO 20022.The move to ISO 20022 will begin in November 2022 and coexistence with MT
(FIN) will run until November 2025.
ISO 20022 in System:
Application supports ISO 20022 selected outgoing payments according to the definitions and rules of below mentioned clearing systems and channels.
Incoming payments (ISO 20022 or other formats) are not part of the application. Preferably in a specialized and dedicated payment application. In this application incoming payments might only be implemented as a proprietary solution.
Reporting and Investigation
Reporting and investigation messages are handled differently in each clearing system.
If implemented, then according to the definitions and rules of the respective clearing system.
ISO 20022 Clearing Channel for CBPR+ messages
|Supported system(s)||FINPlus MX for CBPR+ messages|
|Clearing System||Correspondent Banking in FINPlus|
|Type of Payments supported||Customer Credit Transfers
Interbank Credit Transfers (Core, Cover, Advise)
Request for Cancellation
Cancellation Request related replies
used in this application are published by
Cross-border Payments and Reporting Plus (CBPR+) is the usage guideline that defines how ISO 20022 will be used for correspondent banking on the SWIFT network. It is a collection of usage guidelines that include messages from the payment, clearing and settlement (pacs) and cash management (camt) areas. These messages will replace their equivalents in SWIFT MT Category 1, 2 and 9 sets of messages.
Please refer the article CBPR+ for more information's on Cross border payments.