News from the Wire

Finastra's Transformation Service supports multiple messaging standards

Wednesday, April 30, 2025 — 17:54:32 (UTC)

London, UK – April 30, 2025 – Finastra, a global provider of financial software applications, today announced the launch of its Transformation Service, supporting the translation of MT formatted messages to the new ISO 20022 MX messaging standard, among others. The Transformation Service is available to Finastra’s existing and new Financial Messaging customers looking to comply with Swift’s November 2025 deadline for the new cross-border payments and reporting plus (CBPR+) rules.

“While Swift’s migration from MT to MX ISO 20022 messaging standards comes with many benefits, it can also present significant challenges for banks and other financial institutions. These institutions must ensure that their back-office systems can send and receive MX messages to and from their counterparty – or face serious business disruption,” said Radha Suvarna, Chief Product Officer, Payments at Finastra. "Our Transformation Service will enable a smooth transition to MX messaging, maintaining operational continuity, and it provides flexibility for strategic planning of future system upgrades.”

Developed in response to customers’ needs, Finastra’s Transformation Service is extensible to a wide range of message standards. Whether for banks or other financial institutions adhering to mandated migrations or corporate customers needing multiple format translations, the service extends capabilities to meet diverse financial messaging requirements.

Embedded as an API-based microservice within the Finastra Financial Messaging platform, the Transformation Service is available to customers running on a SaaS model through managed workflows. It’s also available as a consumable API via Finastra Financial Messaging’s new Self-Serve Portal, where users can access the microservice with a “try before you buy” feature.

The service stays up to date with annual market infrastructure-driven message standard releases and offers flexible enrichment and message handling options to ensure a smooth transformation process. Regular market infrastructure-compliant updates to the libraries used ensure that the enrichments always meet the latest market standards as well as customer requirements.

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Source: Company press release.

Categories: New Product