Finastra, a leading provider of financial software applications and marketplaces yesterday announced a significant milestone in its commitment to facilitating financial innovation. The company has successfully completed testing and certification for ISO 20022 messaging standards through the Federal Reserve, becoming one of the first vendors to achieve this for multiple solutions.
This certification applies to four of Finastra’s core payment processing solutions: Payments To Go, Global PAYplus, PAYplus USA, and PAYplus Connect. By achieving certification for these solutions, Finastra empowers financial institutions of all sizes across the United States to seamlessly transition to the ISO 20022 standard for Fedwire payments.
Meeting the ISO 20022 Deadline
The Federal Reserve mandates compliance with ISO 20022 messaging standards for Fedwire by the end of 2024. This emphasizes the importance for financial institutions to select a payment processor equipped with the necessary technology to ensure a smooth transition.
“Rapid and efficient adoption of ISO 20022 standards is critical,” stated Barry Rodrigues, EVP of Finastra’s Payments Business Unit. “We are committed to providing financial institutions with the tools they need to embrace these standards with confidence.”
Benefits of ISO 20022 Compliance with Finastra
Finastra’s extensive experience in global payments innovation positions them as a trusted partner for navigating the evolving regulatory landscape. Their ISO 20022-native solutions not only guarantee compliance but also unlock a range of benefits for financial institutions:
- Enhanced Automation: Streamlined payment processing through automation capabilities.
- Improved Fraud Management: Mitigated fraud risk through advanced detection methods.
- Operational Efficiency: Increased operational efficiency through optimized workflows.
- Elevated Customer Experience: Improved customer experience with faster and more secure payments.
Industry Recognition for ISO 20022 Adoption
Erika Baumann, Director of Commercial Banking and Payments at Datos Insights, applauded Finastra’s achievement. “ISO 20022 compliance for Fedwire ensures efficient, high-quality data exchange, aligning with global best practices. This is essential for US software providers and financial institutions. By adopting this standard, banks and credit unions can significantly improve payment processing and promote global interoperability.”
Finastra’s leadership in achieving ISO 20022 certification for Fedwire payments demonstrates their commitment to empowering US financial institutions with the technology and expertise needed to thrive in the evolving financial landscape.
