ECS Fin, a leading Fintech company that builds secure and reliable transaction processing solutions between financial institutions and business, announced that we are participating in the ISO20022 Hackathon this season.
We are excited to bring up the spotlight to the new era of the data-enriched ISO 20022 and APIs to intensify cross-border payments in this upcoming global Hackathon. Our engineers have been preparing to make a mark on this event. After all, our products are meant to give a non-disruptive solution to the industry for embracing ISO 20022, the new messaging standards.
The event is hosted by the Bank for International Settlements Innovation Hub (BIS) and the Society for Worldwide Interbank Financial Communication (SWIFT), ISO20022 Hackathon on the theme to make cross-border payments ”faster, transparent and cheaper” through the potential of the new ISO 20022 payments standard and application programming (APIs).
This global seven-day virtual program invites teams from banks, fintech, payment service providers and corporates, to develop and showcase solutions that enhance cross-border payments.
It has been expected that approximately 90% of HVPS (High-Value Payments Systems) value worldwide will move on ISO 20022 rails by 2025. The participating teams are encouraged to adapt their existing products to make use of ISO 20022 or build and demonstrate new solutions leveraging ISO 20022 and APIs.
After all, the era of API-enabled data-rich payment has started hitting the doors! To usher in a new world of possibility for cross-border and domestic payments, payment systems, service providers, global networks, and forward-thinking corporates are required to adopt the ISO 20022 messaging standards. ECS Fin has been offering such solutions to banks and corporates since 2014.
Our solutions can address an ample number of pressure points restraining AML & identity, message translation, cross-border payment flows, invoice reconciliation, and end-user transparency of speed and fees.
Finney Zechariah, COO of ECS, said “ This is a great opportunity for us to bring light to the various accomplishments we have made for our customers utilizing ISO 20022 standards and API technology.”
We have put our complete interest on mitigating the errors and problems while processing cross-border payments. Long transaction chains, truncated data, barriers to entry for intermediators, funding costs, long transaction costs, and legacy systems. We have built up something that addresses all the demands of the industry.
Hack the Future- ISO 20022 Messages and APIs!
Our Persist-Subscribe model takes into consideration all known issues associated with traditional data mapping tools and will be able to address concerns raised with respect to data truncation, enrichment, as well as accommodating legacy systems without disturbing them.
ECS Fin is also focused on connecting financial institutions and corporates to provide simple, fast, and flexible transaction processing experience, liquidity, and settlement solutions for trading institutions, digital asset exchanges, and banks.
About ECS Fin
ECS Fin is a Fintech company that designs and develops software solutions with a systems approach to transaction processing. Founded in 1999 as a consulting firm, ECS advised many fortune 100 companies, coordinating business divisions and technology groups.
We observed the difficulties faced by its customers dealing with multiple products from different vendors that offer department-centric applications resulting in fragmented processing that calls for fragile integration services and unwarranted travel of data between systems.
ECS Fin delivers IMS solutions combining processing modules, supporting components, and connectivity services taking into consideration the complete life cycle of a transaction bringing efficiency and lean in processing while ensuring accountability to every message/transaction of an enterprise.
SWIFT (Society for Worldwide Interbank Financial Communication) was founded in the 1970s, to create a global financial messaging service and a common language for international financial messaging. With the dawn of the Internet and the subsequent rapid technological change, SWIFT continued to strengthen its focus on security to ensure maximum certainty and reliability for our users.
Since ISO 20022 messaging standard will keep up the pace of new technological development and also remain supportive for API-based technology innovations, we are ready to address capabilities of this innovation.