Mizuho Bank Adopts “ISO20022 Postal Address Structuring Service” Offered by NTT DATA Luweave

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May 22, 2024

NTT DATA Luweave Corporation (Headquarters: Chiyoda-ku, Tokyo; President & CEO: Shinichiro Miyake; “NTT DATA Luweave”) is pleased to announce that our ISO20022 postal address structuring service has been adopted by Mizuho Bank, Ltd. (Headquarters: Chiyoda-ku, Tokyo; President & CEO: Masahiko Kato; “Mizuho Bank”).

In order to realize structured address data required for the transition to ISO20022, NTT DATA Luweave, supporting the spread of the MX format (ISO20022) in the financial sector and the enhancement of data analysis through AI/data utilization for financial institutions, will launch this ISO20022 postal address structuring service in the second half of 2024.

ISO Address Structuring Service Conceptual Diagram

Figure 1. ISO Address Structuring Service Conceptual Diagram

Background

Swift has already announced the transition of the message format for cross-border payments from “MT” to “MX (ISO20022) *” by November 2025, and a wide range of industries (financial institutions and business corporations) are currently taking actions in preparation for that.
*ISO20022 is an international standard for financial messaging defined by the International Organization for Standardization.

With the transition to the MX format (ISO20022), the address format for cross-border payments needs to be changed.

In the MT format, the elements that make up address information, such as country, prefecture, and city/town name, were all set together in a single field. In the new MX format, on the other hand, the components of the address information must be structured and set appropriately in each address item defined in ISO20022. This structured address format is expected to improve AML accuracy and operations in offices with STP, etc.

Service Overview (Features)

In order to migrate to the MX format (ISO20022), many corporations need to convert address information in their internet banking remittance templates and customer management systems to the MX format (ISO20022). However, structuring addresses would be a complicated manual process because of the complexity of the address structure in each country and the lack of uniformity in the rules, and would thus require a considerable amount of time and effort.

NTT DATA Luweave utilizes a wide range of AI technologies, including natural language analysis and large-scale language models to learn address structuring rules, and enables corporates to convert address information into an ISO20022 structured address in the MX format. For information security, measures to prevent re-learning by AI and data leaks are taken. In the initial stage, this service will be provided to financial institutions for structuring their address data.

Further development

Mizuho Bank is going to use this service for customer support in the transition to the MX format (ISO20022) during 2024. NTT DATA Luweave will contribute to digital transformation throughout the financial industry by offering this service to domestic and overseas financial institutions and providers of accounting management software, etc. NTT DATA Luweave will also consider expanding the service so that it can be used for a wide range of purposes through open APIs in the future.

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