SWIFT ISO 20022 upgrade: Are you ready?
30 Mar 2017
SWIFT have announced a mandatory upgrade of their implementation of the ISO 20022 messaging protocol, due to go live in November 2017. This includes the investment funds order (setr) messages used as part of the Calastone Order Routing service, specifically order, status and price confirmation messages.
SWIFT have confirmed that when the new version (v4) of the messages are live on the SWIFT network, from 18th November 2017, the previous version (v3) will be withdrawn and no longer supported. Clients who wish to continue using SWIFT must move to the new 2017 version (v4) of the messages. All changes must be completed and tested before the new version is made live in order to continue to trade.
If you currently send ISO 20022 messages to Calastone using SWIFT you will be impacted by the November 2017 Standards release and must upgrade to the new version in order to continue to send and receive messages via SWIFT. Alternatively you can stay with the current ISO 20022 version (v3) which Calastone will continue to support, if you take advantage of one of our alternative transport mechanisms. These include SFTP, Web Service or IBM MQ. If you choose to change your transport mechanism, please advise your relationship manager at the earliest opportunity. They will then discuss detailed requirements with you.
For all customers that send ISO 20022 messages to Calastone over a transport other than SWIFT, no change will be required.
We have already begun communicating the changes to all affected customers. If you would like to learn more or discuss available options, please contact your Client Relationship Manager.
Head of Global Operations