Playbook – Fedwire Transformation for ISO 20022
Financial institutions can now transition to ISO 20022 for SWIFT and Fedwire with Finzly, ensuring a timely and hassle-free upgrade to the new messaging standard.
CHARLOTTE, NC – October 9, 2024 – Finzly, a leader in innovative payment and financial solutions, today announced its platform’s full readiness to support financial institutions in adopting the new ISO 20022 messaging standard, ensuring compliance well before the mandated deadline.
With the financial industry preparing for the ISO 20022 upgrade for Cross-Border Payments and Reporting Plus (CBPR+) and domestic systems like Fedwire, many institutions are racing to meet the requirements. SWIFT’s extension of legacy message formats after November 2025 - for a fee - adds urgency to the transition.
Finzly became one of the first Third Party Service Providers (TPSPs) to be certified for compliance with ISO 20022 messaging standards for Fedwire. Financial institutions using the Finzly platform can easily transition to ISO 20022 for both SWIFT and Fedwire, ensuring a smooth upgrade to the new messaging standard. It supports both custom message formats and the ISO 20022 standard. This flexibility helps banks meet their customers' needs based on their readiness for the new standard, without requiring extra translation layers. This is especially important as many institutions are turning to temporary translators while their platforms prepare for the transition.
Our goal is to make this transition seamless for our customers. By managing compliance for ISO 20022, we enable financial institutions to focus on growth without the worry of transformation or compliance. With the rich data provided by ISO 20022, they can offer value-added services that enhance customer experience and support better decision-making.
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ISO 20022 readiness for SWIFT and Fedwire: Finzly's platform is fully prepared for the March 2025 Fedwire migration and the November 2025 SWIFT migration to the new ISO 20022 messaging standard.
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Custom message flexibility with API support: Financial institutions can offer customers the option to send messages in custom formats or ISO 20022, supported by robust API capabilities for efficient message processing and data exchange.
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Operational readiness testing (ORT): Finzly manages all ORT, allowing financial institutions to focus on strategic initiatives.
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Holistic payment functionality: Finzly supports end to end payment processes, including initiation, processing, clearing, settlement, real-time payments, liquidity management, and fraud detection.
To know more about Finzly’s ISO 20022 solutions, visit: ISO 20022 Solution - Finzly
About Finzly
Finzly helps banks and credit unions thrive in a real-time, connected world with its BankOS platform. Institutions can quickly launch instant payments on FedNow and RTP, modernize ACH and wire transfers, and orchestrate payments through a unified API and ISO 20022-native payment hub. Finzly, recognized with multiple awards, also offers advanced FX solutions to help banks attract corporate and enterprise treasury customers. For more information, visit www.finzly.com
Source: PRWeb
