ENSURING QUALITY IN THE MODERNIZATION JOURNEY: SOFTWARE TESTING STRATEGIES FOR PAYMENT ISO 20022 SWIFT – 2025 TRANSFORMATION

Abstract

The global financial industry is undergoing a significant transformation with the adoption of the ISO 20022 standard for payment messaging The Swift 2025 initiative aims to modernize the payment infrastructure and enable enhanced interoperability, efficiency, and innovation. Software testing plays a crucial role in ensuring the quality and reliability of the systems and processes involved in this transformation. This paper explores software testing strategies specifically tailored for the ISO 20022 Swift 2025 transformation. It discusses the challenges and complexities associated with testing payment systems, the key areas of focus for testing, and best practices for effective test planning, execution, and automation. The paper also highlights the importance of collaboration among stakeholders, including financial institutions, software vendors, and testing teams, to ensure a smooth and successful transition to the new standard. The findings and recommendations presented in this paper aim to guide financial institutions and software testing professionals in defining and implementing robust testing strategies to ensure quality in the modernization journey towards ISO 20022 adoption.