MAS takes a two-phase approach to migrate to ISO 20022, starting with payments on MEPS + in June 2022.

SWIFT published a report outlining the approach and framework used by the Monetary Authority of Singapore (MAS) in adopting the ISO 20022 messaging standard.

The report follows a consultancy study conducted by MAS to establish its adoption approach and facilitate the development of ISO 20022 message schemas for MEPS + and MEPS + NextGen (renamed SCRIPS).

The study was carried out in three phases: High Level Impact Assessment (HLIA), High Level Gap Analysis (HLGA) and ISO 20022 Mapping and Harmonization, using the same approach and methodology as applied by SWIFT for other market infrastructures.

As a result of the study, MAS decided to take a two-phase adoption approach to balance community preparedness, costs, global trends, and strategic considerations.

In phase 1: Like-for-Like ++ (Big Bang for Payments on MEPS +), ISO messages contain mandatory fields with the same attributes as the existing MT, and additional optional fields, although not mandatory, can be completed by participants who are ready.

In this phase, the MEPS + payment messages will change from MT to MX, there will be no coexistence of the two types of messages. All MEPS + participants must send and receive ISO 20022 Like-for-Like ++ messages.

In Phase 2: MEPS + NextGen (Full ISO for Payments and Securities), the migration to rich ISO 20022 messages occurs alongside the upgrade to the updated MEPS + platform, providing rich data for messages from payment and securities.

In light of SWIFT’s March 2020 decision to move the start date for the migration of cross-border payments to ISO 20022 to November 2022 by one year to November 2022, MAS has decided to move its own migration schedule to June 2022.

The message specifications for Like-for-Like ++ and the complete ISO 20022 message schemas have been published in SWIFT MyStandards, a web-based platform that facilitates the management of global and regional MT and ISO standards and related market practices under- underlying.

MAS is considering a recommendation to establish a Singapore-based advisory group to facilitate future alignment and harmonization of specifications and regular updates.

MAS will provide the SWIFT MyStandard Readiness Portal to MEPS + direct participants as a validation and testing tool to support their preparation for the adoption of ISO 20022. The tool will also be used by MAS to monitor testing and preparation. to the implementation of the participants.

The full report is available here (download).