Financial Message Automation For ISO 20022 Migration
Payments industry across the globe is witnessing radical changes in payment infrastructure which is led by consolidation in Eurosystem core infrastructure and implementation of next generation of payments architecture. The common thread in this new payment architecture is the adoption of single, open standardised approach for managing financial message flows based on ISO 20022.
ISO 20022 migration is going to impact global payment structures such as CHAPS in England, FedWire in US, TARGET in Europe etc. thus making it necessary for market participants to get ready for this new financial message language or stand the risk of being blocked out from global payment network. Payment service providers are only realising the scale and complexity of this migration which impacts not only their IT systems but also impacts back office operations, ERP systems, databases and existing infrastructure.
Techwave helps market participants to accelerate their payment modernization initiatives by automating financial messages with Volante product suite. Volante is a digital transformation platform which is designed for integration, processing and automation of messages and data.
Our advisory services assess your current readiness state and recommend optimum migration strategy to help you comply with milestones as set by your country’s market regulator. We analyse your technology landscape, systems and business processes impacted by ISO 20022 migration and estimate project hours required to execute the agreed migration strategy.
- Increased customer satisfaction with shorter onboardings, faster payments and better reconciliations
- Increased STP rates with standardised and harmonised messaging formats
- Faster time to regulatory compliance
- Optimal utilisation of limited resources by focussing on important regulatory compliance milestones
- Quick time to market with faster development and deployment
- Enable legacy systems to participate in API ecosystem without costly refactoring efforts
- Lower IT ownership cost
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