The financial world has been quite busy since adopting ISO 20022 messages for cross-border payments and reporting (CBPR+) starting on 21 August 2022 on an opt-in basis and November 2022 for general availability. There has been further progress on upgrading the messaging interfaces for receiving and handling multi-format MT and MX messages.
As per the research, we can keep data truncation high on the key compliance challenges during the coexistence period of MT and MX messages. IMS safe-keeps all golden copies and translated messages so that they can be utilized later by interested parties and regulators.
ECS Fin has discovered the following steps to help ensure your organization’s readiness for ISO 20022. Our enterprise-centric solution, IMS, is designed to support you at any stage of ISO 20022 migration. IMS works seamlessly between all internal applications and external entities of an enterprise. It captures data in well-organized data tables, which enables internal applications to stay focused within their scope of activities.