With the Federal Reserve’s transition to the ISO 20022 standard for Fedwire, financial institutions are preparing for the technical and operational changes this new standard demands.At Finzly, we understand the challenges ahead and are dedicated to helping our customers seamlessly adapt while unlocking the full potential of ISO 20022. To gain insight into our customers’ priorities, we recently conducted polls with banks and found that 83% of banks serving corporate clients value ERP integration and automation, while 67% of banks prioritize improved payment tracking and reporting for SMB clients.Here’s how Finzly’s solutions provide some of these key benefits for Fedwire ISO 20022 readiness:
1. Backward Compatibility for a seamless transition
Financial institutions need a solution that bridges the gap between the old and the new. Finzly’s platform supports non-ISO messages and custom formats via APIs and files, while also handling the new ISO 20022 messages. This eliminates the need for costly translation layers, ensuring a smooth transition without additional expenses.
2. Fedwire certified Operational Readiness Testing
Certification with the Federal Reserve can be both costly and time intensive. However, Finzly’s customers don’t need to worry— our platform is already Fed-certified, saving them the time and expense of recertification. This also means our customers remain protected from standard changes that might otherwise require constant adaptations.
3. Native ISO 20022 solution for enhanced data handling
Finzly’s platform natively supports all ISO 20022 data fields. This means no separate data warehouse is needed to store ISO data, streamlining operations and enabling customers to fully leverage the enhanced data structure ISO 20022 offers.
4. Legacy Data Access during transitions
During the transition to ISO 20022, it’s essential that financial institutions maintain access to historical payment data. Finzly ensures customers can still access previous payments made in non-ISO formats, providing continuity and ease of data management throughout the transition process.
5. Fast and easy timeline compliance
With regulatory deadlines fast approaching, Finzly’s platform enables financial institutions to meet Fedwire ISO 20022 timelines with ease. Our ready-to-deploy solution simplifies implementation, ensuring customers can achieve compliance without disruption or unnecessary delays.
6. Future-Proofing with A Strong Product Roadmap
Finzly’s commitment to innovation means our platform is constantly evolving to meet the needs of financial institutions and their clients. With a strong product roadmap, we ensure that our customers can continue serving their SMB and corporate clients with the latest in payment technology and support.
Poll Insights: What Finzly’s Customers Prioritize in ISO 20022
As mentioned earlier, Finzly conducted polls with its customers— banks that are already using Finzly’s platform to discover the priorities of financial institutions transitioning to ISO 20022. The results reveal a clear picture of what banks value most:
- Corporate Clients: According to 83% of our bank customers, APIs for Enterprise Resource Planning (ERP) integration and automation are the most valuable functionality in ISO 20022. This underscores the importance of seamless connectivity between banking systems and enterprise resource planning software to drive efficiency and automation for corporate clients.
- SMB Clients: 67% of respondents indicated that improved payment tracking and reporting is the most important feature for their SMB customers. Small and mid-sized businesses rely heavily on accurate tracking and reporting for better cash flow management and reconciliation, which ISO 20022’s enriched data capabilities can deliver.
These poll results from Finzly’s bank customers highlight the importance of aligning ISO 20022 functionality with the specific needs of their corporate and SMB clients. Finzly’s comprehensive solution not only ensures compliance but also empowers banks to offer the features that matter most to their customers, whether it’s ERP integration for large corporations or enhanced payment tracking for small businesses through APIs and experiences.
