Swift hails 100% ISO 15022 compliance

Swift hails 100% ISO 15022 compliance

Financial messaging co-operative Swift says that migration to the new ISO 15022 securities standard was successfully completed at the end of May with 100% compliance.

The Brussels-based network says it anticipates a 10% to 15% reduction in 2003 average message prices as a result of the introduction of the new standard.

For corporate actions, where the ISO 15022 messages allow for better automation, the price reduction will amount to more than 30% says Swift.

Swift insists that the investment made in ISO 15022 by the industry will be protected for the long term. For new business processes requiring automation, standards development will build on the existing ISO 15022 data dictionary, says the Society, moving progressively to ISO 15022 XML at a pace dictated by the industry.

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