More than 1500 firms not ready for ISO 15022 - Trace Datawise

More than 1500 firms not ready for ISO 15022 - Trace Datawise

More than 1500 small to medium-sized organisations have yet to start testing for ISO15022 and will miss the 16 November deadline for the change of messaging standards on the Swift network, according to research carried out by Trace Datawise Financial.

According to the latest statistics from the Swift banking co-operative, 70% of securities messages passed over the network are now ISO 15022 compliant.

To assist firms in meeting the deadline, Trace Datawise has reduced the price of its EasyISO15022 system from €85,000 to €15,000. The price reverts to €85,000 on 18 November.

The company is also offering a rental option for its EasyISO15022 solution which also carries a guarantee of support for the introduction of new XML standards for ISO15022, expected next year, and enables organisations to convert from the old ISO7775 message standard.

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