Finastra Unveils New Transformation Service for Enhanced Financial Messaging Standards

Finastra Introduces the Transformation Service for Modern Financial Messaging

Finastra, a prominent name in the financial software industry, has recently launched its Transformation Service, designed to facilitate the transition from traditional MT formatted messages to the advanced ISO 20022 MX messaging standard. This exciting development comes as financial institutions prepare for Swift's deadline in November 2025, which mandates compliance with the new cross-border payments and reporting plus (CBPR+) rules.

Addressing the Challenges of Transitioning to ISO 20022

The migration to the new messaging standards brings ample benefits, yet presents significant hurdles for banks and other financial institutions. As Radha Suvarna, Chief Product Officer for Payments at Finastra, noted, it's crucial for these organizations to ensure that their back-office systems can effectively transmit and receive messages formatted in MX. Failure to do so could lead to major disruptions in business operations.

Finastra's Transformation Service aims to provide a seamless transition by enabling users to maintain operational continuity while adapting to these new standards. This solution equips financial institutions with essential tools for strategic planning, especially regarding future upgrades to their systems.

Features and Flexibility

The launch of Finastra's Transformation Service is a direct reflection of client feedback, showcasing its adaptability to a variety of messaging standards. This extensibility encourages a broader audience, encompassing both banks under regulatory mandates and corporate clients in need of versatile format translations. Notably, the service is integrated as an API-based microservice within the Finastra Financial Messaging platform, making it readily available to users operating under a Software as a Service (SaaS) model via managed workflows.

For added convenience, the service can also be accessed through Finastra's new Self-Serve Portal. This portal presents a unique