Supercharge your ISO 20022 readiness with the most modern solution with accelerated go to market to match the industry and regulatory timelines. Maximize your opportunities with an incredibly flexible ISO 20022-native payments platform.
Get ready for ISO 20022 nativity for Fedwire using our transformation models tailored to your needs.
Seamlessly adopt ISO 20022 for cross-border payments through a natively designed ISO 20022 platform.
Explore the full potential of instant payments by giving life to use cases based on ISO 20022 messages.
Acknowledging the diverse approaches of financial institutions to ISO 20022 compliance ahead of the certification deadlines, Finzly offers tailored solutions that meet your transformation readiness.
Prepare for ISO 20022 by initially adopting a tactical, intermediary solution, and then smoothly transitioning to a strategic payment platform. Finzly's pre-processing engine and message hub handles translation between all message formats, guaranteeing compliance and readiness for processing the new format for Fedwire.
Neglecting to embrace the ISO 20022 standards could impede your capacity to deliver timely products using enhanced data from ISO 20022 standards. Outdated technologies and disparate canonical messaging formats within your systems may undermine efficiencies, introducing unwarranted technical overhead. Explore how banks are preparing for these standards in our playbook.
The ISO 20022 standard supports financial messaging and uses extensible markup language (XML) syntax. ISO 20022 messages use a common data dictionary, can carry a considerable amount of information, and can support payment messages from end to end, including the following:
Adopting the ISO 20022 message standard should help the market infrastructure meet the increasing customer demands for richer data, help customers more easily comply with evolving regulatory requirements, improve the Fedwire Funds Service’s interoperability with other payment systems in the interconnected, global economy, and help customers enhance their client services.
Federal Reserve Banks will adopt the ISO 20022 message format for the Fedwire Funds Service in a single-day implementation strategy on March 10, 2025.
With the ISO 20022 implementation, the Federal Reserve Banks will sunset the existing proprietary Fedwire Application Interface Manual (FAIM) format and replace all FAIM messages with ISO 20022 messages.
There’s no longer a reason for your bank to lack competitive, technological advantages. Instead, you’re free to innovate at the speed of fintech so both you and your customers have the services you need to thrive in today’s world.
Banks that trust Finzly
The migration to ISO 20022 is much more than a compliance mandate for banks. Banks that see the value offered by the granularity of the structured and enriched data sets - whether it is streamlining remittances or leveraging the full power of instant payments to reconcile in real-time.
Wires are the mainstay when it comes to high-value payments, accounting for global movement of trillions of dollars each day. Modernizing wire operations with digitization to make it more resilient and flexible to suit the present-day needs is the top of the agenda for many banks.
Every manual touchpoint in the processing of wires introduces an element of risk of fraud, prompting financial institutions to seek more efficient ways to automate wire processing through modern end-to-end capable systems.