Financial institutions do not always exchange information in the same format. For instance in the corporate-to-bank or securities services space, a client can exchange proprietary or domestic files in a different format than the provider is expecting, or vice versa.
In addition, the majority of financial institutions will soon have to replace their current messaging formats as a result of the migration to, or planned implementation of, ISO 20022 standards by several important financial market infrastructures. The cross-border migration to ISO 20022 messaging standards will further impact the way financial institutions around the globe exchange information.
SWIFT Translator is a messaging format translation solution which allows customers to define, validate, and translate messages from and to messaging formats as specified in this service description. As the SWIFT Translator solution is network and interface independent, it can be deployed and integrated in a flexible manner.
On top of format translation, SWIFT Translator complements MyStandards benefits in solving standards format related issues.
- Reuse MyStandards usage guidelines as a source or target format, reducing time and effort spent in format definition and validation,
- Define and document their proprietary/non-SWIFT formats on MyStandards
SWIFT Translator is composed of two components: a Designer and a Runtime.
SWIFT Translator Designer
SWIFT Translator Designer is an offline software solution offering a Graphical User Interface that allows the customer to perform a number of actions, including:
- Format definition: the customer defines a source and destination format either from scratch (CSV, XML, proprietary) and/or reuse formats from a predefined library (for example: MT 103, pain.001.001.03) and/or reuse usage guidelines defined on MyStandards.
- Mapping definition: the customer defines the mapping between the source and the destination format which can be one-to-one, one-to-many, many-to-many, etc.
- Validation rules: the customer defines a set of rules to perform validation on the message instance against the format and/or mapping defined.
- Test and validation: the customer tests and validates the format, mapping, and rules previously defined.
- Enrichment: the customer can enrich the mapping rules based, for example, on additional rules or external database.
- Service build and exposition: the customer builds an exposed service called "SWIFT Translator Runtime".
SWIFT Translator Designer can also be used by MyStandards customers to define, publish, and share their proprietary/non-SWIFT formats on MyStandards.
SWIFT Translator Runtime
SWIFT Translator Runtime is a Java-based software component that is deployed by the customers within their own environment. It provides a number of operations allowing the customer to perform:
- Message format translation. The customer can convert one or more messages in a specified supported format into one or more messages (depending on whether the mapping definition is one-to-one, one-to-many, many-to-many, etc.).
- Message validation. The Runtime component can perform a validation of the converted message as well as of the defined mapping rules. The message validation can be embedded or independent from the message conversion. If this is embedded, the customer will receive an error report if the validation failed. If the validation is separated, the customer supplies the text of a message and receives an error report if the message is invalid against the validation rules.
- Message enrichment, if applicable. As part of message conversion, the customer supplies the text of one or more messages and receives one or more messages enriched (depending on whether the mapping definition is one-to-one, one-to-many, many-to-many, etc.).