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.
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SOURCE Finastra