The multinational banking institution, headquartered in Sydney, faced new regulatory norms from SWIFT. The traditional MT format for bank transactions was being phased out for the new MX format. With an extensive customer base of 14 million and a workforce of 40,000, the bank struggled to transition in an agile manner from the ageing MT format to the modernised MX (ISO 20022) format.
- The transition from MT to MX was imperative.
- Implementation of XML-based data exchange, for improving straight-through processing (STP) and IT system readability.
- The bank wanted the transaction format to support non-Latin alphabets, facilitate a larger array of data elements, and enhance reconciliation.
- Concurrent use of MT for cross-border transactions and MX for domestic ones posed a unique challenge.
- Leveraging Microsoft Synapse for data analytics and constructing APIs.
- The team undertook a comprehensive understanding of the MX format for SWIFT messages and provided readability into both MT&MX formats with Microsoft Synapse.
- Making sure that transaction data adheres to the MX format's specifications, conducting thorough validations before transmission.