ProgressSoft and SWIFT
The Society for Worldwide Interbank Financial Telecommunication, SWIFT, is the world’s leading provider of secure financial messaging services that the financial community can trust. Its messaging, standards and services connect banks to their counterparties worldwide for secure and reliable transactions.
As payment solutions provider, ProgressSoft enables financial institutions to leverage SWIFT’s Global Payment Initiative (gpi) and migrate to its latest ISO 20022 messaging standard through its Payments Hub Platform, which is a SWIFT Compatible Application Payments 2022 and is listed by SWIFT as a Cross-Border Payments and Reporting Plus (CBPR+) ready platform.
Cross-Border Payments and Reporting Plus (CBPR+)
SWIFT has recently announced a new directive for banks to migrate from the current payments and cash reporting MT message standards to ISO 20022 by 2025. In line with this directive, SWIFT created the Cross-Border Payments and Reporting Plus (CBPR+) to define a common guideline for the use of ISO 20022 for cross-border payments and cash reporting that harmonizes interoperability between domestic and international payments, facilitates faster development of digital products, and improves risk management among other new opportunities and benefits for the financial sector.
CBPR+ Ready Platform
PS-PayHub is a CBPR+ Ready Platform which presents financial institutions with seamless fulfillment of new SWIFT CBPR+ guidelines and migration to ISO 20022. The platform adopts and implements CBPR+ guidelines and rules which include a comprehensive user interface, customizable workflow, SWIFT FINplus integration and an embedded translation feature between MT and ISO 20022 (MX) message formats.
SWIFT Payments | Global Payments Innovation (gpi)
ProgressSoft’s Payments Hub Platform is also in line with SWIFT gpi and payments as outlined below:
- Seamless gpi participation (gCCT, gCOV, gSRP, gFIT and g4C)
- Advanced messages workflow
- Manual creation, repair and posting of CBPR+ and MT messages
- Configurable Straight-Through Processing (STP) engine adopting SWIFT STP guidelines
- Messages monitoring dashboards
- Messages reconciliation
- SWIFTRef integration for validation and enrichment including IBAN plus, SSI, bank directory plus and BIC
- Alignment with SWIFT CBPR+/MT releases and guidelines
- Options for MT>MX migration during the co-existence period 2022-2025
- MT>MX translation and truncation guidelines
- Support FIN, FINplus and Interact services SAA integration using AFT, SOAP and MQ adapters