25 September 2017
Gary Wright

Gary Wright

Gary Wright - BISS Research

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Is there a contradiction at SWIFT?

15 May 2008  |  2601 views  |  1

When it comes down to standards in the finance industry SWIFT is the body that everyone looks to for a lead. They of course are often blamed for having a foot in two camps and this just comes with the territory, when you're SWIFT but when it comes to developing new standards they must surely either stay neutral or sit on the side of the table that best fits their position within the industry. The likelihood is that ISO 20022 is going to emerge as the recognised industry standard for financial messages sometime in the future and this appears to be at odds with SWIFTS position to promote the use of ISO15022 messaging.

It's difficult to promote a standard when you're actively working to replace it! 

Over a year ago Malene McMahon of Swift said that 15022 was going to be used in the OTC derivatives space indefinitely---this was around the time that FIX Protocol Ltd. and Swift were coming to a parting of the ways at about the time of MT 502/FIX tag-value messages. She said then   "We're not planning, in the short term, to replace 15022 with XML messages. They'll be around for a while." 

Only a year ago SWIFT were pretty firm on their long term support of ISO15022 yet now they are part of a group looking to build a roadmap for the industry that will see its replacement. The conflict is obvious and needs clearing up by SWIFT as soon as possible.

The timing of this quote happened after Swift had mandated convergence with 20022 so this contradiction within SWIFT has been in the pipeline for a quite a while but it now needs resolution so the industry can understand where SWIFT sits with ISO15022 and the emerging ISO 20022 and XML?

Comments: (1)

A Finextra member
A Finextra member | 16 May, 2008, 15:58

There is a clarification from me about this subject posted on swiftcommunity.net

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job title Analyst
location London
member since 2007
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CEO of B.I.S.S. Research, founder of the BISS Independent Accreditation for all systems and services provided to financial services companies internationally. Guest Lecturer at Reading University and...

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