Migration of FIN Funds messages
In 2013 SWIFT announced end of life for FIN funds messages for implementation with the SWIFT changes in November 2015. After this date all Funds users must use ISO20022 MX messages instead, implementing the conversion rules published by SWIFT. SWIFT states that “the Funds Migration Program is well underway and many funds users are already MX enabled”.
However, in many cases the migration to the XML-structured MX messages can still cause serious headaches. Often funds transactions are processed by legacy applications which were not designed to handle XML data and substantially changing these applications can appear to be a very complex and risky task. One approach for minimizing the effort, cost and risk associated with such a project is to shield the required changes from the back office transactions by converting MT messages created by those applications to MX messages before transferring them to SWIFT and to convert MX messages received from SWIFT to traditional MT messages before delivering to these applications.
INTERCOPE’s BOX Messaging Hub (BOX) includes these conversion services as an integral part of the BOX server. The required functions can be configured as part of the generic message processing work flow engine and are available as part of the standard BOX license without any additional cost.
The BOX MT-MX conversion module is based on and tested against the SWIFT standard Translation Rules. The conversion is performed directly between the wire-format of MT messages and the XML structured MX message. In addition a mapping of header fields, such as e.g. sender and recipient, is provided. This approach guarantees the highest performance and minimal resource consumption compared with a design which first translates MT messages into an intermediate XML structure.