Migration to XML standards will be slow, not swift

Conversion will take up to 10 years and be driven by users'' willingness to tap new revenues and expand their businesses, says Martine DeWeirdt, head of standards at SWIFT.

What does the shift from FIN-based standards to XML-based standards mean for SWIFT users and how are you communicating the change to your network

DeWeirdt The old FIN-based standard was created back in 1973 and now lives side by side with our XML standards. These XML standards were put in place to provide richer data and meet more complex business requirements for our users. In order for FIN users and XML users to communicate, we have to provide mapping rules so that whoever is doing the translation from one standard to the next is doing it in the same way, otherwise there might be data lost in...

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