AXA Bank - SWIFT 2020 & Beyond

December 2019 till December 2021
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Management Summary

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is an organization aimed at providing integration services between banks that want to transfer funds between customers situated in different countries. Although it is not the only such organization, it does account for around half of all high-value payments, linked more than 11,000 organizations in the financial world across 200+ countries. With the transactions steadily increasing over the last few years (graph taken from SWIFT website).

SWIFT Market Share

SWIFT is introducing a number of changes in its interfaces over the next few years, with the aim of increasing the speed, security, transparency and interoperability of their network. The most impactful of these changes is the introduction of the new ISO 20022 standard. This standard details the following:

  • A methodology to develop common financial messages standards based on a business dictionary
  • A syntax-independent business model (currently implemented using XML structures)
  • A set of governance processes for several financial domains: payments, securities, card transactions, foreign exchange…

SWIFT Roadmap

The project at AXA entails adapting the current interfaces to be able to continue using the SWIFT network, as well as a revision of the different business processes within the bank that deal with the information coming from and provided to SWIFT.

Project SOA BPM Financial Sector