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Big Bang Migration and Phase wise Migration

Big Bang Migration Approach - Overnight a payment market infrastructure is moving from MT to MX

Phase Wise Migration Approach - Migration from MT to MX is taking place in steps or phases

Like-For-Like Migration Approach and Enriched/ Enhanced/ Fully Fledged Approach

Like-For-Like Migration Approach - While planning migration, some participants have created their usage guideline as Like 4 Like (L4L), which means the MX message elements are restricted in such a way that it aligns with that of the corresponding MT message fields. So, if the MT fields have 10 character and 15 character length then the equivalent MX elements also have the same character length.

Enriched/ Enhanced/ Fully Fledged Approach - Some others have been more confident and took one step further and created usage guidelines that are enriched or enhanced or fully fledged, meaning, in these guidelines, the messages have broader flexibility and capacity than the L4L ones.

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Next:    Efficient Solutions for Handling Coexistence of MT and MX Messages in Cross-Border Payments