Why ISO 20022?

The Banking industry is witnessing digital transformation like never before. This holistic payment transformation has compelled them to abandon their traditional methods and accept emerging global and open standard payment infrastructure relevant to the current market scenario.

ISO 20022 is a global and open standard payment system to facilitate standard operability. While the ISO 20022 adoption will enable a seamless operation of payments initiation, it will reap the following benefits-

  • Real-Time Services
  • Enhanced Market Integration
  • Increased Automation
  • Improved cost efficiencies
  • Facilitate STP
  • Accelerated cross-border transactions
  • Flexibility to include Additional Regulatory Data
  • Better Tracking
  • Enhance customer experience
  • Meet the global competition

 

With digital transformation scaling new heights, Nordic countries, who are global leaders in electronic payments are opting for P27, a Pan Nordic Payment infrastructure facilitating first real-time and cross-border payments. The adoption of ISO 20022 is expected to modernize existing platforms and lower the cost significantly for domestic and cross-border payments.

Being secure and scalable, P27 would help mitigate fraud risks and enable streamlined and effective payment processes

Our Approach

Hexaware renders a smooth transition towards the ISO 20022 implementation by-

  • Determining Functional and Application gap analysis with Consulting Toolkits for roadmap design
  • Re-engineering existing legacy systems for ISO 20022 compliant Business Transactions and Message sets
  • Development and Implementation of new applications – Payment Engines, Message Translation Utility
  • Program Management services and Testing support with built-in cost efficiencies

Value Proposition

We provide end-to-end ISO 20022 migration support with our deep domain expertise and Fintech partners, to bring higher levels of straight-through processing and efficient compliance processes.

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