Dear customer,
We understand you may have questions about the previously announced changes to the Swift Funds service
in 2024. This document clarifies these changes, which are linked to the 2024 Standards Release andtechnical changes to the central Message Validation rules (referred to as MVal).
Affected
products/services
Changes and Impact

Swift Funds service

1. New Message Versions
As part of this year’s Standards Release (SR2024), we’re introducing three newmessage versions:a) reda.004.001.07 will replace reda.004.001.06b) setr.006.001.05 will replace setr.006.001.04c) setr.012.001.05 will replace setr.012.001.04
2. Updated Validation Engine
As part of this migration, we are also updating our validation engine. This means
the validation rules for the Swift Funds service will be no longer be validated by
MVal 1 but by MVal 2.
3. Improved Efficiency
The new MVal 2 validation engine is designed to strengthen the correct usage ofmessage standards and enhance straight-through-processing (STP), leading tomore efficiency for funds processing.
4. Same Error Codes, New Error Descriptions
As a consequence of the message validation done by the new MVal 2 validationengine, the error codes you receive for rejected Swift Funds messages willremain identical, while the error descriptions might be different.
5. Affected Messages
All Swift Funds messages, as listed and detailed in the Funds 5.6 Message
Reference Guide and Schemas (available in the Swift Knowledge Centre) will beimpacted.
These new messages versions will be automatically validated by the new MVal 2
validation engine and will be available in all Swift environments.

Deadlines andTesting

For details on the release and decommissioning dates of the above messages, pleaserefer to the ‘Deadlines’ table below.

We encourage you to utilize the testing window in the Pilot environment to ensure
seamless processing of the new Swift error codes before the Live Environment Upgrade
scheduled for October.
Deadlines

More Information

Upgrade date

Environment

Validation engine

Message versions
available in theenvironment

19 April 2024

Funds – ITB

MVAL 2• reda.004.001.07• setr.006.001.05• setr.012.001.05

27-28 April 2024

Funds – Pilot

MVAL 2• reda.004.001.06• reda.004.001.07• setr.006.001.04• setr.006.001.05• setr.012.001.04• setr.012.001.05

26-27 October
2024Funds – LiveMVAL 2• reda.004.001.06• setr.006.001.04• setr.012.001.04

16 November 2024 Funds – Pilot

MVAL 2• reda.004.001.07• setr.006.001.05• setr.012.001.05

16 November 2024 Funds – LiveMVAL 2• reda.004.001.07• setr.006.001.05• setr.012.001.05

For more information about the messages updated as part of the 2024 Standards
Release, please refer to the Funds 5.6 publications available on the Swift Knowledge
Center.

Regards,
Swift Messaging Team

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