Earlier this year, SWIFT announced a mandatory upgrade of their implementation of the ISO 20022 messaging protocol. As the industry changes and evolves, Calastone remains committed to ensuring that our clients are aware of and prepared for any technical challenges that may arise.
Calastone are now pleased to announce the successful implementation of the SWIFT ISO 20022 v4 protocol to all affected client connections. We have processed the new message format from the start of business on Monday 20th November 2017.
As part of this mandatory standards release, Calastone have undertaken a large-scale project to ensure our clients can continue to utilise their SWIFT connections after the release date. The work included a programme of internal analysis, client workshops and development to meet the new standards. Finally, rigorous quality assurance testing, the production of bespoke client specifications and a full user acceptance test replicating real scenarios. The overall project effort totalled well in excess of 750 man days and affected over 6000 links on the Calastone network
SWIFT have confirmed that the latest version (v4) of these messages are live on the SWIFT network, with the previous version (v3) no longer supported. As part of the upgrade Calastone have also worked to ensure all non-SWIFT clients with SWIFT ISO20022 counterparties are isolated from the changes.
For any further information or if you have any questions please contact your relationship manager or our operations team at [email protected].