As ISO 20022 reshapes global payments, banks must move from legacy SWIFT MT messages to modern MX formats. For Nostro/Vostro reconciliation, this isn’t just a format change, it’s a strategic overhaul.

Finforz’s Nostro Vostro Reconciliation System is built for this transition. It ingests MX messages, aligns them with internal records, and automates exception handling ensuring compliance, accuracy, and audit readiness.

In today’s landscape, adapting isn’t optional. It’s essential.

The ISO 20022 Disruption in Nostro/Vostro Reconciliation

The migration from SWIFT MT to MX messages driven by ISO 20022 is fundamentally changing how banks reconcile Nostro and Vostro accounts. While MX messages provide more structured and detailed information, they also introduce new challenges for reconciliation systems.

Here’s where banks often face issues:

• More Complex Data: MX messages carry more information, which older systems struggle to process correctly.

• Different Identifiers: Transactions now include several new reference numbers that need to be matched accurately.

• Transition Period Confusion: During the switch, banks may receive both MT and MX messages, adding to the complexity.

• Stricter Regulations: With more detailed data comes higher expectations for compliance and reporting.

Without the right tools, banks risk delays, errors, and compliance gaps.

How Our Nostro/Vostro Reconciliation System Tackles ISO 20022 Challenges

As banks adapt to ISO 20022, reconciling transactions across MT and MX formats can become complex and time-consuming. Finforz’s Nostro/Vostro Reconciliation System is designed to simplify this transition ensuring accuracy, efficiency, and readiness for what’s ahead.

Here’s how our system supports you:

• Dual Format Support: Seamlessly handles both MT and MX messages, enabling smooth operations during the transition phase.

• Automated Matching: Matches transactions across statements and internal records with minimal manual intervention.

• Exception Management: Flags mismatches instantly and helps teams resolve issues quickly through intelligent workflows.

• Real-Time Dashboards: Provides clear visibility into reconciliation status with live dashboards and proactive alerts.

• Audit-Ready Compliance: Maintains detailed records for full transparency and regulatory reporting.

• Scalable Architecture: Adapts to changing message formats, increasing transaction volumes, and future reconciliation requirements.