With only months left until the end of the SWIFT transition period, banks that fail to adapt their systems to the ISO 20022 standard by August 29, 2026, risk having their international payment messages rejected. Clients of Fido Biznes have already addressed this challenge thanks to early implementation of support for the new international standards.
Starting August 29, 2026, SWIFT will discontinue temporary measures applied to certain countries, including Uzbekistan, for the backup processing of FIN MT messages. After this date, international payment messages that do not comply with ISO 20022 requirements and MT–MX conversion rules may be automatically rejected by the SWIFT system.
In this context, banks' readiness for ISO 20022 becomes critical for uninterrupted international settlements. Recognizing the importance of upcoming changes, the Fido Biznes team proactively implemented support for new SWIFT message formats in their solutions. As a result, client banks are already working with updated international payment formats and are fully prepared for the end of the transition period.
Currently, SWIFT ISO 20022 functionality is implemented in 12 banks of the Republic of Uzbekistan operating on Fido Biznes solutions. Thousands of international SWIFT payment messages pass through the company's software daily, with a total of tens of thousands of transactions processed monthly.
Banks using Fido Biznes solutions for ISO 20022 include Business Development Bank (BRB), Xalq Bank, Asakabank, Universal bank, Trastbank, Mikrokreditbank, Hamkorbank, TBC Bank, Orient Finans Bank, AVO bank, Asia Alliance Bank, and Uzpromstroybank.
The integration of Fido Biznes IABS with the SWIFT international payment system was first implemented back in 2009. Since then, the company has accumulated significant experience in automating international settlements and supporting banks' SWIFT infrastructure.
In late 2023, Fido Biznes became an official partner of SWIFT, allowing the company to expand cooperation with the organization, promptly receive relevant materials, and ensure timely preparation of client banks for the transition to the new international financial messaging standard.
The transition to ISO 20022 is one of the most significant transformations of the international payment infrastructure in recent years. The new standard replaces traditional MT formats, providing higher data quality, process automation, and reduced error rates in payment processing.
After the transition period ends, banks that have not adapted their systems may face rejection of international payment messages. Therefore, infrastructure readiness for ISO 20022 becomes a key condition for uninterrupted international settlements.
“The transition to ISO 20022 is one of the most significant changes in international payment infrastructure in recent years. We understood the importance of timely preparation of banks for the new SWIFT requirements and implemented the necessary support for new formats in our solutions in advance. This allowed our clients to adapt their processes ahead of time and focus on business development without being distracted by urgent system modifications close to the deadline,” said Rustam Botirov, business analyst at the company.
Fido Biznes continues to develop solutions for the banking sector, helping financial institutions adapt in a timely manner to changes in international standards and the requirements of the global financial market.
Source: kun.uz