Identitii is among the first to successfully submit new ISO 20022 IFTI reports to AUSTRAC
Identitii is pleased to announce that it is among the first to successfully report ISO 20022 transactions to AUSTRAC 2.0, the regulator’s updated reporting system designed specifically to accept the new data rich ISO 20022 format. The announcement comes as banks adjust to reporting International Funds Transfer Instructions (IFTI) on cross-border payments processed in the new ISO 20022 message format and as internal system and process changes continue to impact how they report.
Commenting on the announcement, John Rayment, CEO of Identitii said:
“The industry has been waiting for ISO 20022 for years and we are thrilled to be among one of the first companies to successfully report ISO 20022 messages to AUSTRAC. Managing the change has not been easy for financial institutions and we expect teething issues will remain throughout SWIFT’s co-existence period. We built the Identitii Platform with ISO 20022 in mind and are pleased to be able to make this change as quick and easy as possible for our customers and the industry, to help ensure they continue to provide complete and accurate reporting to the regulator.”
In addition to helping reporting entities submit complete and accurate reports to AUSTRAC in the new format, Identitii is helping the industry solve challenges associated with data truncation and poor data quality resulting from translating between legacy SWIFT MT and the new ISO 20022 MX payment message formats. Instead of completely overhauling internal payment systems which are often decades old, many banks have chosen to receive messages in one format and translate them into their internal system format. This can result in a loss of data quality when translating from the richer MX format to MT, making it hard for reporting entities to be confident reporting has been done right.
Further commenting on the announcement, John Rayment, CEO of Identitii said “The Identitii platform was built to accept both legacy MT and MX messages and to be able to easily report them to the regulator in the required format. If there are any reporting entities out there struggling to adapt to the new reporting requirements, I’d encourage them to get in touch and see how we can help.”
The use of ISO 20022 format payment messages for cross-border and correspondent banking transactions went live over the SWIFT network in March, with reporting entities now required to accept ISO 20022 format payments if their counterparty has already made the change. The SWIFT coexistence period, where both legacy SWIFT MT and new ISO 20022 MX formats can be used for cross-border payments made via SWIFT, will last until 2025, when the legacy MT format will be retired from the SWIFT system.
Interested in learning more about the Identitii Platform? Identitii is helping the financial services industry securely share data and submit automated financial crime compliance reports, to meet regulatory obligations. Request a demo here.