Variety of unstructured and structured formats in SWIFT FIN & ISO20022
Compared to the unstructured SWIFT FIN format, the unstructured ISO20022 provides some degree of structure as it contains the mandatory element "name" (Nm). Even more transparency will be achieved when the fully structured option in ISO20022 will be used due to the granularity of the data definition.
Comparison of data elements in SWIFT FIN and ISO20022
The increased data unambiguousness will significantly increase data quality in payments messages; however, it
comes with a substantial challenge during the coexistence of SWIFT FIN and MX/ISO20022: the different data
options are not fully interoperable in both directions. While more granular/structured data can easily be
mapped into aggregated/unstructured data elements (e.g. ISO20022 structured -> structured SWIFT FIN), it is
much more difficult to map aggregated/unstructured data in to more granular/structured data element.
– Overview of different standards/options and mapping challenges (red arrows)
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