Valcon is able to offer sanctions screening solution testing and optimisation to our clients in the Netherlands, UK and Nordics through our partner, Contineo.

Combining Contineo’s testing framework, tools and our financial crime compliance (FCC) expertise, we apply this next generation software solution, incorporating data science, to minimise FCC risk and the cost of compliance.

Are you prepared for SWIFT MX?

SWIFT MT is being phased out and from November, all financial institutions will be expected to be using the new SWIFT MX messaging standard. Businesses that fail to plan for the change could face significant disruption to their operations.

So why the change?  SWIFT MT is the current messaging standard used by the SWIFT network for sending financial messages and payments between financial institutions. It’s a text-based format that is over 40 years old and has become increasingly complex and inefficient. SWIFT MX is a more modern, XML-based format that is more efficient, secure and flexible. 

When does it need to be completed by? The transition from SWIFT MT to SWIFT MX is expected to be completed by November 2025 when the SWIFT MT service will be switched-off for good. However, all financial institutions are expected to have completed the migration to SWIFT MX by this November. 

What do you need to do now?

You need to act quickly as the deadline is only months away and there’s a lot of work to be done. Here’s our top five tips on getting started: 

Assess your current systems and processes. How are you currently sending and receiving messages? You need to identify any gaps or weaknesses in your set-up.

Choose a SWIFT MX implementation partner. You need to select a partner that has the experience and expertise to help you meet the deadline. Valcon and Contineo can help you there.

Start planning the transition. The SWIFT MX transition is a complex process, and you’ll need to start planning early to ensure that you have enough time make the necessary changes.

Test and validate your systems. Once your new systems are in place, you’ll need to test them thoroughly to ensure that they are working properly.

Train your staff. There are big differences between both standards, and you will need to train your staff on the new one.

Valcon and Contineo work together to deliver complex IT initiatives for our clients in the financial services sector. Get in touch today by completing the form to the left to ensure your business is on track.

Get in touch

Interested to learn how we can help your business? Leave us a message and we will get back to you.

    Tuning and Optimisation

    Using Contineo’s vast industry experience and knowledge of the main screening engines in the market, we can reduce false positive alerts or ‘noise’ generated by filtering systems, in order to reduce human intervention spent on low level investigations and optimise the performance of your screening solution.

    Financial Crime Model Validation

    We can assess and provide support in aligning your regulatory objectives and risk appetite with your sanctions screening solution performance, ensuring your methodology and approach to sanctions screening is clearly documented and stands up to regulatory scrutiny.

    Health Checks

    We can test the effectiveness and efficiency of your sanctions screening solution, providing recommendations to rectify any deficiencies and support you in addressing these.

    Technology and Upgrades

    We can test the effectiveness and efficiency of your sanctions screening solution, providing recommendations to rectify any deficiencies and support you in addressing these.