ISO 20022 Migration
Payments are entering a new era with ISO 20022, the new language for domestic payments and correspondent banking. Organizations are set to benefit thanks to the advanced reconciliation and treasury opportunities the new standard makes possible.
ISO 20022 sees vast potential as it is being adopted by market infrastructures in more than 70 countries for payments and securities business. In the next 5 years, there will be 79% of the volume and 87% of the value of transactions worldwide, with 42.5 million messages per day.
As an independent testing services company, Cigniti maintains the integrity of its migration and assurance activities. Our Messaging Standards Expertise comprises the ISO 20022 format – message components and syntax, and the return handling process – Recall and Revoke.
Benefits of the ISO 20022 Migration
Here are some of the benefits of the ISO 20022 Migration:
- Fraud prevention and an improved audit trail
- Richer, better structured, and more granular data
- Improved analytics, less manual intervention
- Enabling end-to-end automation
- Faster Integration
Why Cigniti for ISO 20022 Services?
With strong expertise in SWIFT messages (MX and MT), deep understanding of regulatory compliance (SWIFT CBPR+, HVPS+ and regional format guidelines) and world-class partnerships with Trace Financial, XMLdation, Prowide, Volpay, and Fioranno, Cigniti is all setup to provide an end-to-end solution that will help organizations transform their application landscape to be ISO20022 compliant.
Our domain expertise includes SWIFT Messages (MT, ISO 20022), CBPR+ Guidelines, Global Payment Infrastructures [EURO1, BoE RTGS (CHAPS), Fedwire & CHIPS, CHATS, MEPS+].
Our test artefacts include a glossary of SWIFT MT & ISO 20022 terminologies, an ISO2022 tag dictionary, Message mappings and templates to accelerate testing for SWIFT MT to MX migration message mappings, and reusable test artefacts.
Cigniti’s ISO 20022 capabilities include standardized messages for testing the standalone ISO 20022 message validation, Reusable test artefacts for testing the standalone SWIFT MT message validation, and migration tools analyzed in the market.
Assuring a Smooth ISO Migration
While SWIFT embarks on the phased migration of payments messages to ISO 20022, the success of ISO 20022 risks creating problems if there is too much variation in the way it is implemented. Such variation would fundamentally undermine the value of the standard itself. A collaborative approach to standards and adoption of global market practice should be taken to build on the success of ISO 20022 and ensure innovation continues in the cross-border payment landscape.
ISO Migration Services
- Pre – migration (Data Assessment)
- Data paths & Data enrichment evaluation
- Data Sources and Format evaluation
- Data Analytics
- Regulatory Compliance (CBPR+, HVPS+)
- Impact Assessment
- Message Development
- Message Mapping and Transformation
- Business Process Verification
- Integration Testing
- Regulatory Compliance (CBPR+, HVPS+)
- Message schema & Structure Validation
- Data validation
- Functional Testing
- Automated Regression Suite
- Regulatory Compliance (CBPR+, HVPS+)
Elements of ISO 20022 Migration Assurance Services
What is Required to Modernize Legacy Core Banking Platforms?
The Role of Digital Quality Assurance in a Rapidly Evolving Banking Industry
For More Thought Leadership Blogs
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Assure a successful ISO 20022 migration to offer next-generation payment services to your customers.