ISO 20022 is a global standard for payments messaging and its adoption is being fueled by the following projects:
ISO 20022 will create interoperability between various settlement networks using far richer payments data that should result in higher levels of straight-through processing as well as more efficient compliance processes. The adoption of ISO 20022 therefore offers a major opportunity for banks and corporates to improve services to their customers and counterparties.
ISO 20022 is a complex standard and one message type can have numerous variants. For most institutions, adapting their internal systems to process the ISO 20022 messages will be challenging, leading to costly and time-consuming projects.
We work alongside our clients to provide a tailored strategy that solves every challenge in order to provide a smooth and cost effective transition to ISO 20022. We are expertly placed to support your ISO 20022 journey, utilising 40 years of financial message processing. We are also a SWIFT CBPR+ ready Vendor.
Our Messaging Hub supports ISO 20022 as well as other standards such as SWIFT ISO 15022 (FIN), electronic banking, local clearing internal systems and bespoke. Most financial institutions will rely on supporting both these SWIFT standards for some years and our solution can consume or produce either format based on business requirements. If there is a need to translate between formats then this can be configured using our Translation Tool.
Our messaging hub is a multi-entity, multi-channel, solution that provides 24/7 processing capabilities, with exceptionally high STP rates, when integrated to an institutions core systems.
With our messaging hub, there are no changes required to your existing systems with the advantage that all ISO 20022 and FIN standard changes are maintained on an on-going basis.
Our Translation Tool is a robust and flexible solution for converting MX to MT formats and vice-versa.
For some institutions, bespoke mappings are required for certain business scenarios and our solution allows translation for even the most complex of message structures. The tool also allows data enrichment from a number of other sources such as core systems if required.
For Further information please contact Aqua Global today at email@example.com or call us on +44(0) 20 8544 3200 for an obligation free demonstration.