Identitii reports new ISO 20022 IFTI transactions to AUSTRAC

Tuesday 4 April 2023 10:29 CET | News

Australia-based technology vendor and solution provider Indentitii has announced that it successfully reported ISO 20022 transactions to AUSTRAC 2.0.


The news was released as banks and financial institutions are going through the process of adjusting to reporting International Funds Transfer Instructions (IFTI) on cross-border payments that are processed in the new ISO 20022 message format. Furthermore, the procedure happens as the internal system and process changes continue to have an impact on how banks report. 

AUSTRAC 2.0. represents the regulator’s updated reporting system and it was designed to accept the new data-rich ISO 20022 format. Indentitii built its platform keeping the ISO 20022 format in mind, in order to make the transitions and changes in a quick, safe, and efficient way. This will provide and ensure customers offer complete and accurate reporting to the regulator. 

Furthermore, it will also accept both legacy MR and MX messages, while being able to easily report them to the regulator in the needed format. 

Identitii offers companies and businesses in the industry the possibility to solve challenges associated with data truncation and poor data quality resulting from translating between legacy SWIFT MT, as well as the ISO 20022 MX payment message format. This represents another step in helping institutions submit complete and accurate reports to AUSTRAC while using the new format. 

The new ISO 20022 format payment messages went live in March of 2023, and it was designed for cross-border and correspondent banking transactions. The SWIFT coexistence period is set to last until 2025 when the legacy MT format will be retired from the SWIFT system, and it will incorporate both the legacy SWIFT MT and the ISO 20022 MX formats. Customers will be able to use both of them for cross-border payments made while leveraging SWIFT. 

:  Australia-based technology vendor and solution provider Indentitii has announced that it successfully reported ISO 20022 transactions to AUSTRAC 2.0.

Identitii’s AUSTRAC solution

Identitii offers its customers and users services which include the AUSTRAC reporting tool, the payments data solution, as well as the NZ PTR reporting product. 

The firm also prioritises the process of eliminating AML/CTF compliance risks for businesses and clients, by replacing manual processes and spreadsheets with secure digital workflows built on pre-defined regulatory rules, securely requesting and sharing transaction data in any format internally, as well as managing the data internally or to regulators in order to offer customers a complete view of their compliance status. 

While using the AUSTRAC solution provided by the company, clients have the capabilities to quickly strengthen AML and CTF compliance processes (by starting using the platform and keeping an eye on reporting obligations with inbuilt updates of the rules and schemes that happen to the AUSTRAC), improve visibility and oversight of compliance, have a complete overview of reporting over time (by capturing a secure and efficient record of current and old transactions on the platform, such as a timeline of events related to each record), and make future proof reporting processes with ISO 20022 readiness. 

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Keywords: ISO, ISO 20022, transactions , AML, SWIFT, compliance, regulation
Categories: Fraud & Financial Crime
Companies: Identitii
Countries: Australia
This article is part of category

Fraud & Financial Crime


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