This achievement positions Finastra as one of the early vendors in the industry to complete the certification process for multiple solutions. The certification pertains to four of Finastra’s payment processing solutions, allowing financial institutions across the United States to enhance their innovation capabilities.
The certified solutions include Payments To Go, Global PAYplus, PAYplus USA, and PAYplus Connect, offering a range of options for financial institutions to comply with ISO 20022 standards for FedWire. Financial institutions are required to conduct their own testing to meet ISO 20022 compliance standards by the end of 2024, emphasising the importance of selecting a suitable payment processor with the necessary technology.
ISO 20022 serves as a universal financial industry messaging standard designed to convey substantial information. It relies on a shared data dictionary to facilitate payment message flows among financial institutions, their clients, and domestic and international market infrastructures. The adoption of ISO 20022 aims to align the Fedwire Funds Service message format with a global standard thus enhancing payment processing efficiency.
Finastra’s ISO 20022-native payment solutions not only support compliance but also enable financial institutions to enhance payment processing automation, improve fraud risk management, improve operational efficiencies, and elevate customer experience.
In the official company announcement, representatives from Datos Insights highlighted the significance of compliance with ISO 20022 messaging standards for Fedwire. Alignment with this global standard positions banks and credit unions to enhance their payment processing and promote interoperability worldwide.
Finastra is a global provider of financial software applications and marketplaces. Serving institutions of various sizes, Finastra offers software solutions and services across Lending, Payments, Treasury & Capital Markets, and Universal Banking. Its commitment to Open Finance and collaboration has earned the trust of over 8,000 institutions, including 45 of the world’s top banks.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now