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.
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.
