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Message from the owner(s)C24's Integration Objects
(IO) generates Java code that closely maps the data model created in the IO Editor.
Similar to JAXB and Castor but with sophisticated validation that exceeds XML Schema it also includes parsers for complex data types like SWIFT, the primary inter-bank messaging standard. C24-IO makes use of JAXB for XML, can read and write XML Schema, DDL and has full implementations of SWIFT ISO-15022 message standards. This project is aimed at providing an open source implementation of several SWIFT messages in Java, currently available is the MT100 - MT103 transformation, a mandatory migration to be completed by all banks (World-wide) by Novemeber 2003. SWIFT MT100 to MT103 MigrationOverviewOn the 15th of November 2003 the MT100 (Customer Transfer) message will be removed from the SWIFT network. From that point onwards it will be necessary to use the MT103 (Single Customer Credit Transfer). The MT100 is the most widely used FIN message on the SWIFT network and has been in use since SWIFT went live in 1977.The MT103 provides enhanced support for the following:
Current State of MigrationAs of January, 56% of all Customer Transfers were being sent as MT103's. Whilst this would appear to be a reasonable percentage with 9 months remaining it should be noted that as with all message categories there are a small number of global organisations representing the majority of the traffic, so the picture may not be as positive as it first seems. With nearly 7,500 live users on the network this indicates that several thousand of these have yet to migrate. For these organisations the clock is ticking ever faster and there is no guarantee that SWIFT will introduce a Message User Group (MUG) for those that do not make the deadline, in the way that happened with the ISO15022 migration in the Securities market in 2002. The market should be working with the assumption that the MT100 will disappear in November 2003. |
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