ISO 20022

ISO 20022 adoption

NPX.SWIFT is an event-driven Swift transfers orchestration platform, which provides the opportunity to improve operational efficiency by identifying ways to optimize commission costs and ways to speed up the execution of payment instructions. Based on historical gpsTracker data it gives the ability for in-depth analysis of cross-border payments experience. With NPX.SWIFT platform the customers can easily adopt the business processes to ISO 20022 during coexisting period.

Note: implementation of NPX.SWIFT assumed customer subscription to Swift gpi services!

ISO 20022 implementation Swift payment message orchestration refers to coordinating and managing the flow of payment messages between financial institutions using the Swift network.

NPX msgHUB offers comprehensive support for ISO 20022 messaging standards, including the coexistence of MT (Message Type) and MX (XML) message formats. It facilitates the migration of cross-border and high-value payments to ISO 20022.

By providing a layer of abstraction, NPX msg HUB enables customers to maintain their existing systems and interfaces while adapting to evolving messaging standards and regulations, ensuring a smooth transition for financial institutions.

Integration API

Event-driven API:

• References (UETR, payment ID)
• Changed transaction
• Transaction cancelation
• Watchlist notifications

Analytical API:

• CCTR events
• COVE events
• Correspondents
• Financial groups
• Dictionaries
• RefData (BICs, LEI)

gpi Tracker Manager

Swift GPI Tracker is a tool that allows financial institutions to track the status of cross-border payments in real-time. It provides end-to-end visibility and transparency into the payment process, enabling banks to quickly identify any issues and take corrective action. This can help improve the efficiency and speed of international payments, reducing costs and increasing customer satisfaction. Swift GPI Tracker is part of the Swift Global Payments Innovation (GPI) initiative, which aims to modernize the cross-border payments system.

gpi Manager features

• Processing of mandatory GPI services (gCTR, gCOV, SRP).
• Provides detailed tracker information for both Outbound and Inbound transactions.
• Determining the optimal routes for the fastest execution of payment with the lowest commission costs.
• Analysis of transaction statistics by financial group (LEI) and counteragents geography.
• Timely response on changes in transaction statuses in order to comply with gpi SLA.
• Promptly informing clients about the status of transfers using the personal reminder.
• Reduction of the number of erroneous payment instructions due to the use of the pre-validation service.

Swift API services integration

Swift API services offer standardized interfaces and protocols for seamless integration with existing backoffice systems and applications. This simplifies the integration process and reduces the time and effort required to connect with the Swift network. Integration of GPI and pre-validation services into client-bank applications significantly improves the transparency of transactions and reduces the number of unsuccessful payments.