ISO 20022: Ride The Next Wave of Digital Payments

Faster Integration and End-to-End Automation!

ISO 20022 Migration

Payments are entering a new era with ISO 20022, the new language for domestic payments and correspondent banking. Organizations are set to benefit thanks to the advanced reconciliation and treasury opportunities the new standard makes possible.

ISO 20022 sees vast potential as it is being adopted by market infrastructures in more than 70 countries for payments and securities business. In the next 5 years, there will be 79% of the volume and 87% of the value of transactions worldwide, with 42.5 million messages per day.

As an independent testing services company, Cigniti maintains the integrity of its migration and assurance activities. Our Messaging Standards Expertise comprises the ISO 20022 format – message components and syntax, and the return handling process – Recall and Revoke.

Benefits of the ISO 20022 Migration

Here are some of the benefits of the ISO 20022 Migration:

  • Fraud prevention and an improved audit trail
  • Richer, better structured, and more granular data
  • Improved analytics, less manual intervention
  • Enabling end-to-end automation
  • Faster Integration

Why Cigniti for ISO 20022 Services?

With strong expertise in SWIFT messages (MX and MT), deep understanding of regulatory compliance (SWIFT CBPR+, HVPS+ and regional format guidelines) and world-class partnerships with Trace Financial, XMLdation, Prowide, Volpay, and Fioranno, Cigniti is all setup to provide an end-to-end solution that will help organizations transform their application landscape to be ISO20022 compliant.

Our domain expertise includes SWIFT Messages (MT, ISO 20022), CBPR+ Guidelines, Global Payment Infrastructures [EURO1, BoE RTGS (CHAPS), Fedwire & CHIPS, CHATS, MEPS+].

Our test artefacts include a glossary of SWIFT MT & ISO 20022 terminologies, an ISO2022 tag dictionary, Message mappings and templates to accelerate testing for SWIFT MT to MX migration message mappings, and reusable test artefacts.

Cigniti’s ISO 20022 capabilities include standardized messages for testing the standalone ISO 20022 message validation, Reusable test artefacts for testing the standalone SWIFT MT message validation, and migration tools analyzed in the market.

Assuring a Smooth ISO Migration

While SWIFT embarks on the phased migration of payments messages to ISO 20022, the success of ISO 20022 risks creating problems if there is too much variation in the way it is implemented. Such variation would fundamentally undermine the value of the standard itself. A collaborative approach to standards and adoption of global market practice should be taken to build on the success of ISO 20022 and ensure innovation continues in the cross-border payment landscape.


Critical Success Factors

Understanding migration timelines

Evolving legacy infrastructure

Mitigating data truncation

Anticipating the co-existence of standards

Preparing for future interoperability


Cigniti’s Capabilities

Experienced consultants to help with the migration along with the right technical solution to meet the ISO 20022 needs

Cigniti brings a synergy in understanding the past present and future of banking infrastructures

Partnership with a leading transformation expert and inhouse Data Management expertise

Extensive Knowledge of both MT and MX message formats and a consultative approach of migration

Services that hand hold clients from pre-migration assessment through migration and post-migration monitoring

ISO Migration Services


Pre - migration (Data Assessment)

  • Pre – migration (Data Assessment)
  • Data paths & Data enrichment evaluation
  • Data Sources and Format evaluation
  • Data Analytics
  • Regulatory Compliance (CBPR+, HVPS+)

Migration (MT - MX)

  • Impact Assessment
  • Message Development
  • Message Mapping and Transformation
  • Business Process Verification
  • Integration Testing
  • Regulatory Compliance (CBPR+, HVPS+)

Post - migration (ISO20022)

  • Message schema & Structure Validation
  • Data validation
  • Functional Testing
  • Automated Regression Suite
  • Regulatory Compliance (CBPR+, HVPS+)

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Assure a successful ISO 20022 migration to offer next-generation payment services to your customers.