ISO 20022 migration readiness for an investment bank
An investment bank needed to assess its readiness for the MT to ISO 20022 MX migration under CBPR+, from mapping to testing.
- Client
- Investment bank (anonymised)
- Practice
- SWIFT & cross-border payments
The challenge
An investment bank needed to understand how ready its messaging, compliance and downstream reporting systems were for the shift from MT to ISO 20022 MX under CBPR+.
Different teams held different pieces of the picture, but the bank lacked a single, clear view of where the real gaps sat between its current message flows and the requirements of the new standard, making it difficult to plan the migration with confidence.
Our approach
Run Ventures ran a gap analysis against the bank's current message flows, mapping the points where translation or truncation risk would arise as legacy systems handed data off to MX formats.
Building on that analysis, Run Ventures worked with the bank to build a sequenced remediation and testing plan spanning its messaging, compliance and reconciliation teams, giving each function a clear view of its own dependencies and the order in which changes needed to happen.
The outcome
The bank came away with a clear, sequenced migration roadmap it could execute against, rather than a set of disconnected findings. Just as importantly, the process brought previously siloed messaging, compliance and reconciliation teams into alignment around a shared plan, giving the bank a coordinated path through its ISO 20022 transition.
Facing a similar SWIFT decision?
Assessing your own readiness for ISO 20022 under CBPR+? Our consultants can walk through where the gaps are likely to sit in your message flows.