As part of a major transformation in Sweden’s financial infrastructure, 421 supported a leading Swedish bank through the migration of RIX RTGS to ISO20022— the real-time gross settlement system managed by the Riksbank. We sat down with a team member from 421 to reflect on the experience and share key takeaways from this landmark project.
Q: What does this change to RIX RTGS mean for the Swedish financial market?
The shift to RIX RTGS represents a significant milestone in the modernization of Sweden’s payment ecosystem. It moves the market closer to full ISO 20022 adoption, bringing with it a standardized format for payments, richer transaction data, and enhanced interoperability both within Sweden and across borders. For banks, this means greater automation, improved compliance capabilities, and the foundation for future innovation in payments.
Q: What stood out to you as the most positive or inspiring part of this project?
The most inspiring aspect was witnessing the collective effort — not just within our client’s organization, but across the entire RIX participant community. It was truly motivating to see how different teams, institutions, and stakeholders aligned around a shared mission. It reinforced that, even in a highly complex environment, we have an incredible capacity to deliver when it truly matters.
Q: What was the biggest challenge you had to overcome?
Coordinating a large-scale, synchronized go-live across 45 financial institutions was no small feat. The pressure to get everything right — from system readiness to stakeholder communication — was immense. One of the most critical components was the detailed planning of the migration weekend, especially designing the runbook. That level of precision and collaboration was essential to success.
Q: What were your key takeaways for future projects of this scale?
One of the biggest lessons is the importance of starting early. Complex transformations like this require long lead times, and there’s simply no substitute for robust testing. You need to test as close to production reality as possible — over and over again. A well-structured test strategy is not just a checkbox; it’s the backbone of a successful delivery.
Another key insight: always take part in Dress Rehearsals. These are invaluable opportunities to verify what’s been built in a controlled, pre-go-live setting. You will always uncover areas that need fine-tuning, and catching those early reduces risk significantly during the final migration.
Q: Any final reflections?
This project was a strong reminder of the power of collaboration, structure, and preparation. It also underlined the value that external partners like 421 can bring in driving complex programs forward — with the right blend of expertise, flexibility, and execution focus.
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