How does the message parser and message translator of Eastnet's payment safe work? Give some practical of message parsing and translation of Payment Safe?

 The Message Parser and Message Translator components of Eastnet's Payment Safe utility work together to parse incoming Swift messages and translate them into the ISO 20022 XML format. Here's a practical example of how these components function:

1. Message Parsing:

   - The Message Parser receives an incoming Swift message, which is typically in a structured format with specific field codes and values.

   - It analyzes the message structure and extracts relevant data elements based on predefined rules and message type definitions.

   - For example, if the Swift message is a payment instruction (MT103), the Message Parser will identify fields such as sender's and receiver's information, payment amount, currency, and other necessary details.

   - The extracted data elements are then passed on to the Message Translator component for further processing.

2. Message Translation:

   - The Message Translator takes the parsed data elements from the Message Parser and maps them to the corresponding fields in the ISO 20022 XML format.

   - It follows predefined mapping rules and schemas to ensure accurate translation.

   - For example, the payment amount and currency extracted from the Swift message will be mapped to the corresponding fields in the ISO 20022 XML schema.

   - The Message Translator also handles any necessary data transformations or conversions required for the translation process.

   - Once the translation is complete, the output is an ISO 20022 XML representation of the original Swift message.

Practical Example:

Let's consider a practical scenario where a bank receives an incoming Swift payment message (MT103) from a customer:

1. Message Parsing:

   - The Message Parser analyzes the Swift message structure and extracts relevant information such as the sender's account number, receiver's account number, payment amount, currency, and other necessary details.

   - It validates the syntax and format of the message, ensuring it meets the required standards.

2. Message Translation:

   - The Message Translator takes the extracted data elements and maps them to the corresponding fields in the ISO 20022 XML schema.

   - It converts the Swift-specific field codes and values into the appropriate XML tags and attributes defined by the ISO 20022 standard.

   - For example, the sender's account number in the Swift message will be mapped to the <DbtrAcct> field in the ISO 20022 XML format.

   - The translation process also includes any necessary data transformations, such as converting currency codes or formatting dates.

The result is an ISO 20022 XML representation of the original Swift message, which can be further processed, validated, and integrated with other systems within the bank or external payment networks.