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System Transformation Program update

13 December 2021

We continue to work on transforming your AUSTRAC Online experience through the System Transformation Program. This includes engaging with you to develop a modern system that meets your needs.

As part of this work, we will automate and refine the reporting process through an Application Programming Interface (API). Initially, this will target businesses using SWIFT messages to auto populate the International Electronic Funds Transfer Instruction (IFTI-E) reports.

Other report types will be brought across to API connectivity over the next few years and together with new interfaces and increased capacity, will bring a faster and more streamlined experience for reporting transactions.

Your feedback on the new reporting interface

To help us set up this new API, we recently conducted workshops with members of the Customer Advisory Group. Participants tested the new interface being developed and provided feedback on their notification preferences. During the sessions, participants requested:

  • to be notified whether xml file uploads were successful or not
  • to be notified of the API response (for automatic upload) via email and the submission dashboard
  • for error messages to be explained in both technical and non-technical terms.

The feedback received from these sessions will be incorporated into our final solution.

Updated international messaging standards (ISO20022)

We are also changing our IFTI-E messaging to align with the updated SWIFT ISO20022 format. Once released, you will continue to be able to forward SWIFT messages as IFTI-E messaging when reporting to AUSTRAC. We have reached out to reporting entities affected by this change to review our draft proposal, and we are working on incorporating the feedback received so far.

What’s next?

There are several exciting pieces of work scheduled over the coming months, including:

  • further enhancements to enrolment, registration and processes for updating business records
  • the development of our API for IFTI-E reporting
  • the commencement of discovery and planning on the statistical data about the transaction reporting available to you.

More information

If you have any questions, or would like to participate in the Customer Advisory Group, email haveyoursay@austrac.gov.au.

For more information on the ISO2022 project, email iso20022@austrac.gov.au.