Bright Change were brought into a Fund Administration Company to help drive the Straight Through Payment Programme with 8 Banks; Bright Change were responsible for identifying; engaging and implementing SWIFT connectivity; which involved moving from MT message types to MX message types to meet the new SWIFT ISO20022 standards.

The core objective was to extend the SWIFT solution to a number of the Fund Administration clients who process payments with the Banks.

What is ISO20022?

• ISO 20022 message standard facilitates the sending of enhanced data in a richer, more structured format than currently.
• It is an open international standard, which has the potential to create a single common language for most payments globally.
• SWIFT is scheduled to retire its existing MT message standard for payments, across many major jurisdictions in November 2025.

Project Responsibilities:

• End to End project management the implementation of SWIFT connectivity at the client and integration with 8 Banks
• Developed a clear and concise Plan on a Page (PoaP) for the 8 Banks; along with detailed project plans to track key actions and overall progress.
• Co-hosted monthly SteerCo to provide update on progress vs plan; any key blockers or escalations that require SteerCo members attention.
• Developed a SWIFT Connectivity Checklist (ability to fast-track the collection of key information to drive out the priority of the Banks integration)
• Hosted Initial Engagement Sessions to introduce the programme.
• Conducted deep dive sessions via Bank Discovery Workshops to identify resources; bank set up; legal and regulatory documentation / paperwork; test environments; and overall delivery timeline could be defined and agreed.
• Acted as a conduit between external partners (Banks, Third Party IT Supplier) and IQEQ Payment Operations, IT, and Client Services.
• Conducted Lessons Learnt sessions to streamline delivery and become more effective and efficient.

Solution

From a SWIFT perspective; the delivery involved moving from MT message types to MX message types to meet the new SWIFT ISO20022 standards.