Last month, SWIFT released the CBPR + Interactive Readiness Checklist, a tool that can help you to assess your readiness level.
While this checklist is for informational purposes only, it can help you assess your maturity progress by tracking completed and uncompleted tasks.
About the Checklist
The checklist consists of 8 milestones with tasks that your institution must complete to be able to receive ISO20022 MX messages with embedded translated MTfrom November 2022.
The tasks are based on the steps you need to take according to your following messaging interfaces:
- Alliance Lite2
- Alliance Cloud
- Alliance Access/Entry
- Alliance Messaging Hub
- 3rd party interface
The Milestones at a Glance
1.Know the project timelines
The goal here is to understand the ISO 20022 for cross-Border payment timelines and know where you can find all the relevant information.
2.Set up your project team and readiness plan
The second milestone is about setting up your team and activity plan, which is very important to support your adoption efforts.
Before starting the configuration activities, SWIFT recommends the following tasks: ensure your bandwidth and line capacity are ready for ISO 20022 traffic and make sure the communication interface layer of your SWIFT stack is updated.
4.Configure FINplus and SWIFTNet Store-and-Forward
These milestones will guide you through the configuration of your connection to SWIFT.
5.Upgrade your messaging interface
The goal of these milestones is to upgrade Alliance Access/Entry, upgrade Alliance Messaging Hub, and upgrade third-party interfaces.
6.Configure your Test and Live messaging interface
This milestone is dedicated to configuring your messaging interface.
7.Validate and import the FINplus Bootstrap file into your RMA Interface
Now that your interface is configurated, the tasks on milestone 7 will help you to validate the new setup.
The last milestone is all about testing the new setup before going live.
Learn everything you need to know about the CBPR + Interactive Readiness Checklist here.
If you are looking for help to be ready for November 2022, then let’s plan a call with one of our ISO20022 Experts to discuss your own needs and define a roadmap for the migration.