SWIFT Completes 15022 Migration
The migration from ISO 7775 to ISO 15022 (SWIFT’s new messaging standard) was successfully completed on 31 May 2003, with 100 per cent of SWIFT securities message traffic compliant with the ISO 15022 standard. SWIFT is confident that ISO 15022 will provide long term value to its users, enabling them to benefit from richer business standards and increased functionality. Additionally, ISO 15022 generates an immediate cost saving for SWIFT securities users. Given the structure of ISO 15022 messages, it is anticipated that in 2003 average message prices will be 10 to 15 per cent less than in 2002.