Finastra is among the first in the industry to complete testing
and certification for multiple solutions, enabling and supporting
compliance readiness for its financial institutions' customers
LAKE MARY, Fla., May 13, 2024 /PRNewswire/ -- Finastra, a global
provider of financial software applications and marketplaces, today
announced it has completed testing and certification through the
Federal Reserve for ISO 20022, becoming one of the first vendors in
the industry to complete the process for multiple solutions. The
certification, which enables and supports compliance to ISO 20022
messaging standards for Fedwire, applies to four of Finastra's
payment processing solutions, facilitating increased innovation for
financial institutions across the United
States.
By certifying Payments To Go, Global PAYplus, PAYplus
USA, and PAYplus Connect, Finastra
offers multiple solutions for financial institutions large and
small to meet the standards for FedWire. To comply with ISO 20022
compliance standards, financial institutions must complete their
own testing before the end of 2024, underscoring the importance of
selecting a payment processor with the needed technology.
"Quickly and efficiently adopting the standards for ISO 20022 is
simply a necessity, and it is important that we provide financial
institutions with the tools they need to embrace these standards,"
said Barry Rodrigues, EVP of
Finastra's Payments Business Unit. "With our many years of
experience innovating in the payments space across the globe, our
customers know they can rely on us to enable them meet the evolving
regulatory and compliance requirements and unlock new opportunities
to drive payments innovation and enhance business value for their
customers."
ISO 20022 is a universal financial industry messaging standard
that can carry a considerable amount of information and is based on
a common data dictionary that can support payment message flows
between financial institutions, their clients, and domestic and
international market infrastructures. Adoption of ISO 20022 will
align the Fedwire Funds Service message format with a global
standard that improves payment processing efficiency. Finastra's
ISO 20022-native payment solutions not only support compliance, but
also enable financial institutions to boost payment processing
automation, improve fraud risk management, operational
efficiencies, and customer experience.
Erika Baumann, director,
commercial banking and payments at Datos Insights, said,
"Compliance with ISO 20022 messaging standards for Fedwire ensures
efficiency, data quality, and alignment with global best practices
in financial messaging, so it's a must for software providers and
financial institutions across the US. By aligning with this global
standard, banks and credit unions are well-positioned to improve
their payment processing and promote interoperability
worldwide."
To learn more about Finastra's payments solutions, click
here.
About Finastra
Finastra is a global provider of financial software applications
and marketplaces, and launched the leading open platform for
innovation, FusionFabric.cloud, in 2017. It serves institutions of
all sizes, providing award-winning software solutions and services
across Lending, Payments, Treasury & Capital Markets and
Universal Banking (Retail, Digital and Commercial Banking) for
banks to support direct banking relationships and grow through
indirect channels, such as embedded finance and Banking as a
Service. Its pioneering approach and commitment to open finance and
collaboration is why it is trusted by over 8,000 institutions,
including 45 of the world's top 50 banks. For more information,
visit finastra.com.
LinkedIn: https://www.linkedin.com/company/finastra
X: https://twitter.com/FinastraFS
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