Monday, October 2, 2023

What is payment safe utility of Eastnet and how does it translate swift messages from MT to MX ? What are the main components of the payment safe?

The Payment Safe utility of Eastnet is a payment processing solution that helps financial institutions manage and process various types of payment messages securely. It is designed to handle Swift messages, which are commonly used in international banking transactions.

To translate Swift messages from MT (Message Type) to MX (Message XML), the Payment Safe utility utilizes a mapping process. This mapping process involves converting the Swift message format (MT) into the XML-based ISO 20022 standard (MX) for easier processing and integration with other systems.

The main components of the Payment Safe utility include:

1. Message Parser: This component is responsible for parsing the incoming Swift messages and extracting relevant data elements for further processing.

2. Message Translator: The Message Translator component converts the parsed Swift message into the ISO 20022 XML format, adhering to the specific message types and schemas defined by the standard.

3. Validation Engine: The Validation Engine ensures that the translated message complies with the required standards and rules. It performs various checks, such as syntax validation, field length validation, and data format validation.

4. Business Rules Engine: This component applies specific business rules and logic to the translated message. It validates the message against predefined rules, performs data enrichment, and applies any necessary transformations.

5. Integration Layer: The Integration Layer facilitates the seamless integration of the translated message with other internal systems or external payment networks. It enables the routing of the processed message to the appropriate destination based on the payment type and destination country.

6. Reporting and Monitoring: The Payment Safe utility provides comprehensive reporting and monitoring capabilities. It allows users to track and monitor the status of payment messages, generate reports, and perform reconciliation activities.

Overall, the Payment Safe utility streamlines the payment processing workflow by efficiently translating Swift messages from MT to MX, ensuring compliance with industry standards, and facilitating secure and accurate payment transactions.

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