ISO 20022 Migration
SWIFT is constantly reviewing and upgrading the financial messaging infrastructure, that underpins the backbone of world’s financial system. The migration of ISO 20022 introduced the structured settlement data along with regulatory reporting information, improved straight-through processing, enhanced interoperability, and high-standard payment data irrespective of the end user, message type and format.
Time To Act is Now
Time To Act is Now
With ECS, it has become possible to seize the opportunities and address the complicated challenges with minimum influences on the existing systems. The primary payment market infrastructures (PMIs) including Eurozone’s High-Value Payments System transitioning to the ISO 20022 standard by November 2021 and the United States’ Fedwire Funds Service transitioning by the end of 2023.
ECS Fin provides a messaging service that will ensure a strategic migration to ISO 20022 standards with its IMS solution. Our solution supports 3 types of data mapping.
Message transformation to suffice requirements of banks.
Traditional mapping for changes in market practices.
Persist/Subscribe mapping when multiple events are involved.
Who will Benefit
Stringent ISO 20022 deadlines, coexistence of legacy system, and scalability of underlying payment market infrastructures are throwing challenges for financial institutions. With the clock ticking on ISO 20022 implementation, banks should start planning for implementing before it’s too late.
Creating new business models that facilitate the straight-through processing of payments, and also enriching potentially value-added services that simplifies complexity and manages the pace of change are becoming driving forces for business firms.
- Centralized solution to eliminate data truncation issues
- Insulates core systems
- Implement new data management
- Simplify multiple market infrastructure migration’s complexities, and Enrich value-added data
- Enrich value-added data
- Increase STP for corporates
- Apprehend rich settlement information