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ISO 20022 Data Transformation

Adhere to evolving payment standards to achieve compliance and improve payment operations

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87%
of global financial transactions will be supported by ISO 20022 by 2023[1]

Overview

See how OpenText unleashes the full potential of ISO 20022

ISO 20022 migrations have proven to be both complex and time-sensitive for banks and their corporate clients, prolonging adoption efforts. Improper implementation can have a lasting impact on day-to-day operations and could pose long-term reputational damage.

ISO 20022 Data Transformation solutions enable banks and other financial institutions to seamlessly adopt the ISO 20022 standard and deliver innovative solutions to their corporate customers.

Key benefits

Impact business and achieve better results.

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  • Power global payments

    Break down cross-border barriers and support global payments with standardized financial message structures.

  • Improve customer experiences

    Automate reconciliation efforts, ensure remittance details travel with payments and support transactional integrity with standard semantics and syntax.

  • Enhance productivity

    Accelerate straight-through processing rates for accounting teams with enriched data and remittance information.

  • Strengthen regulatory compliance

    Gain visibility into payment origination and processing to ensure compliance with industry-wide global standards.

  • Eliminate manual payment processes

    Streamline and automate payment operations for corporate customers by introducing integrated payables and receivables solutions.

  • Capitalize on cost savings

    Increase efficiency with structured data that allows for easier integration with workflows and solutions as well as parsing for searches and payment tracking.

Business impacts

  • Fully managed migration

    A successful implementation requires resources and expertise that understand the complexities associated with the migration. Often, implementations are left to IT departments without the appropriate knowledge. Accelerate time to value with outsourced expertise.

  • Customer success

    Banks must guide corporate clients through their own ISO 20022 migrations to help them fully leverage the benefits. However, banks often lack the internal support resources for such a new and complex standard. Empower teams for fast, simple implementation.

  • Reputation management

    Project teams need to ensure ISO 20022 implementations do not impact customers. SWIFT and best-practice guides help, but without expertise in the new standard, teams can make mistakes. Simplify migration and protect client relations.

  • Risk and compliance

    Banks must be compliant with frequently changing standards. Existing data is not robust or structured enough, restricting visibility into payment origination and departure and threatening noncompliance. Ensure compliance with highly structured ISO 20022 data.

Explore the components of the solution

Professional Services

OpenText Consulting Services combines end-to-end solution implementation with comprehensive technology services to help improve systems.

ISO 20022 Data Transformation resources

How to enable optimal compliance while establishing market differentiation

Read the eBook

ISO 20022: How banks can avoid becoming a cautionary tale

Read the position paper

ISO 20022: Prepare for the future of payments

View the infographic

The ISO 20022 countdown begins: How should you prepare?

Read the blog

Are you ready for ISO 20022?

View the checklist

How can we help?

Footnotes

Footnotes

  1. [1]SWIFT, Transaction Management for Vendors, 2021