In the News

The ISO 20022 standard has fast become the global messaging standard and the UK looks to continue the trend, with adoption into its modernised instant payment system.

‘Known as the New Payment Architecture (NPA), the initial plan is to upgrade the existing Faster Payments real-time rails, with an option to include the older Bacs system in the future.’

Source: https://www.pymnts.com/emea/2023/uk-to-modernize-its-real-time-payment-architecture/

Throughout the week, the team are providing live demonstrations of our messaging suite Aquila, at our stand DIS 34.

Aquila provides SWIFT FIN and ISO 20022 messaging functionality along with Account Reconciliations, Message Matching, Duplicate Message Detection, Payments STP (with gpi compliance) and an ISO 20022 Translation tool.

Visit us at stand DIS 34 to find out more!

The ISO 20022 adoption for Fedwire has been pushed back once again, this time from the November 2023 until March 2025. The Fed’s big bang adoption plan will continue with March 10th 2025 the new deadline day.

‘On June 27, 2022, the Board of Governors of the Federal Reserve System  that the Federal Reserve Banks will adopt the ISO 20022 message format for the Fedwire Funds Service in a single-day implementation strategy on March 10, 2025.’

Source:https://www.frbservices.org/resources/financial-services/wires/iso-20022-implementation-center

Aqua will be exhibiting our Aquila suite of solution on stand DIS34 at SIBOS. The event runs from the 10th – 13th October and attracts over 40,000 attendees.

The Bank of England have provided the following CHAPS ISO 20022 migration update:

‘The migration of CHAPS to ISO 20022: Transition State 2 will now take place as a single event in April 2023, rather than two separate stages in June 2022 (migration from MT to MX (ISO) network) and February 2023 (enablement of enhanced data). Enhanced data will be immediately supported from April 2023; removing the need for an initial like-for-like implementation stage.’

Source: Bank of England

On behalf of the entire team here at Aqua Global Solutions, we would like to wish all of our friends a safe and joyful festive season.

As in previous years, instead of sending paper cards, we will be making a £1,000 donation to a charity. This year’s charity is the same as last year, namely the ARC Centre, who are a local organisation dedicated to supporting the welfare of wild animals.

Aqua Global is excited to take part in the SIBOS 2021 Perfect Pitch competition. The Aqua pitch explores how our system supports our partners in staying ahead of the ever changing banking environment.

SWIFT states ‘In the coming years it will be the de facto standard for high-value payment systems of all reserve currencies, supporting 80% of global volumes and 87% of value of transactions worldwide’

Source: https://www.swift.com/swift-standards/iso-20022/iso-20022-programme

Aqua Global is delighted to have received its confirmation from SWIFT that it has been added to ISO 20022 Cross-Border Payments and Regulation Plus (CBPR+) Vendor list.

Preparing for the mandatory introduction of the ISO 20022 MX message types can present significant challenges for an organization for many reasons. Aqua Global’s messaging hub provides a quick and cost effective solution to automatically process and generate native SWIFT messages (ISO 20022 and FIN). If required this will also provide an interface with a core accounting system.

ISO 20022

Universal Confirmations will go live on November 22nd 2020 and all FIN Users will be expected to provide a status update or Universal Confirmation to the SWIFT Tracker.

Organisations need to ensure they plan, prepare, embrace and benefit from the SWIFT gpi and Universal Confirmations initiative.

View how Aqua can assist here https://www.aqua-global-solutions.com/solutions/swift-and-compliance-initiatives/swift-gpi-and-universal-confirmations/