Paysys Labs has entered into a strategic partnership with Al Baraka Bank Pakistan for the implementation of its SWIFT MT-MX Converter, powered by OpenConnect. This collaboration marks an important step forward in advancing Pakistan’s financial technology landscape, enabling Al Baraka Bank Pakistan to stay ahead of evolving global payment messaging standards and operational requirements.
The partnership focuses on supporting the bank’s migration to SWIFT’s latest messaging protocols by enabling interoperability between traditional MT formats and the ISO 20022 CBPR+ standard. This integration is critical for ensuring a smooth transition to the new cross-border payment and reporting standard, which has become the global benchmark for secure, standardized, and efficient financial messaging.
Paysys Labs’ SWIFT MT-MX Converter solution is designed to simplify this transition for financial institutions by bridging legacy infrastructure with modern messaging frameworks. The converter ensures seamless processing of both MT and MX messages, improving data quality, enhancing operational efficiency, and reducing processing delays. With this deployment, Al Baraka Bank Pakistan will be fully equipped to comply with SWIFT’s global modernization timeline while improving its internal payment systems and customer service delivery.
This collaboration underscores a shared vision between the two organizations to drive innovation, standardization, and operational excellence across Pakistan’s banking and fintech ecosystem. For Al Baraka Bank Pakistan, adopting ISO 20022 standards not only ensures regulatory and operational alignment with global best practices but also strengthens its ability to offer more transparent and efficient payment services to its customers.
Industry experts note that the migration to ISO 20022 represents one of the most significant changes in cross-border payments in decades. By upgrading its messaging capabilities, Al Baraka Bank is positioning itself to handle more structured and data-rich messages, enabling improved compliance, enhanced automation, and greater accuracy in payment processing.
For Paysys Labs, this partnership further solidifies its role as a leading enabler of financial innovation in Pakistan. The company’s focus on building secure, future-ready solutions is helping local financial institutions meet global standards without compromising on local operational requirements. Its OpenConnect-powered SWIFT MT-MX Converter offers banks a flexible and efficient way to achieve interoperability without overhauling their entire infrastructure.
The collaboration is also a reflection of the broader push within Pakistan’s financial sector to align with international payment standards, support digital transformation, and foster operational resilience. With SWIFT’s migration deadlines driving adoption globally, early movers like Al Baraka Bank are setting benchmarks for other institutions in the region.
As financial ecosystems grow more interconnected, initiatives like this play a pivotal role in strengthening payment infrastructures and ensuring Pakistan’s banking industry remains competitive on the global stage.
Follow the PakBanker Whatsapp Channel for updated across Pakistan’s banking ecosystem.