Newgen Software’s Post

In the last year, ISO20022 payment messages have become mandatory on SWIFT , leading DTCC to transition its event notifications to ISO20022. The deadline for compliance with the European ECMS requirements (for ISO20022) has been confirmed for November 2024. By the end of 2024, banks across the world will be processing live XML-based messaging using ISO20022 formats — bringing the standard one step closer to widescale adoption. While this may have little impact on the entrenched world of corporate action messaging, it is likely to be transformative for proxy voting. With no pre-existing standard, the incremental benefit of the ISO20022 format is large — especially when it is mandated by European regulators. With additional sanction and regulatory pressures towards this standard coming in Europe in the near future, many FMIs in other parts of the world are now actively scoping how to transition their own markets in 2024 and beyond. Extract: Citi Securities Services Evolution 2024 Download link is in the comments section. #securities #payments #iso20022 #banking #regulatory

**Embracing the Future of Banking with ISO20022** The financial industry is on the brink of a significant transformation, and ISO20022 is at the forefront of this change, I'm excited to share a few key advantages that ISO20022 brings to the banking sector: 1. Enhanced Efficiency: With structured fields like “Address,” ISO20022 streamlines validation processes, improving processing time and accuracy. 2. Improved Sanctions Checking: The standard allows for more efficient sanctions screening by providing specific fields for country information, thus speeding up transaction processing. 3. Richer Data without Truncation: ISO20022 supports extensive information, enabling banks to process complete data in each field, which is crucial for financial crime detection. 4. Reduced Risk and Maintenance Costs: The adoption of ISO20022 can lead to a reduction in the use of multiple legacy systems and formats, thereby decreasing risk and maintenance costs. 5. Global Standardization: ISO20022 sets a universal language for financial messaging, fostering better interactions across global financial institutions. 6. Opportunity for Innovation: Banks can leverage the richer data and interoperability that ISO20022 offers to improve customer service and strengthen market positioning. The shift to ISO20022 is not just a technical upgrade; it's a strategic move towards a more integrated, efficient, and transparent banking ecosystem. #ISO20022 #Banking #Payments #SWIFT

Businesses embracing ISO 20022 now will unlock the benefits first. It’s the centrepiece of one of the biggest evolutions in the flow of global payments and it’s exciting to see a growing number of our corporate clients using these formats end-to-end for cross border payments.   CommBank has ambitious objectives to pass on the benefits to customers. And while each bank will have their own strategy around how they’re approaching ISO, our focus is on delivering benefits to our customers as early as possible by bringing everyone on the journey. #ISO20022 #globalpayments #finntech #SMEbanking #businessbanking Ethan T. Carli Renzi OLY Nick Fanning Ciarán Byrne Carl Slabicki, CTP, AAP Robert Djurovitch Sam Bowen

Banks across the globe are facing significant challenges in the adoption of Swift’s ISO 20022 standard. The new transaction format requires an overhaul of many major banks’ legacy systems, functioning across fragmented external markets and internal IT infrastructure networks. Swift has given banks the deadline of November 2025 to ensure that all payments messages between banks, both for sending and receiving, are based on ISO 20022. As of August 2024, the current adoption rate of ISO 20022 stands at only 26.4 per cent, a small increase from about 20 per cent at the end of October 2023. Finastra is playing a key role in supporting banks on their ISO 20022 migration journey, enabling seamless payments transformation and ensuring compliance with global standards. https://okt.to/0AeOgH. #ISO20022 #FinastraPayments

still time to get on this. important for ISO20022

#Software #errors or deficiencies in #compliance #monitoring systems can result in #regulatory violations, fines, and legal consequences, says Vikas Deshmukh, PMP, Senior VP – Technology at Fino Payments Bank Ltd. Many banks are struggling with outdated and difficult-to-maintain legacy systems. These issues often include poor #scalability, lack of #integration, and limited support for modern technologies. More insights in this article by Dr. Ravi Lalwani in Banking Frontiers CLICK HERE >> https://lnkd.in/eZzdcJ9Q If you like this kind of #content, please follow me on Linkedin.

EBA publishes paper on identification of Politically Exposed Persons (PEPs). The paper by the EBA Expert Group on KYC-related Topics focuses on procedures and due diligence processes related to PEPs and their associates. In Europe, regulation around PEPs is fragmented and inconsistent which makes it challenging for financial institutions operating across borders. The EBA's work addresses these challenges by: ✅ examining current practices ✅ recommending practical solutions to enhance KYC processes ✅ promoting harmonisation Read the paper https://lnkd.in/eXRQ-_Te #kyc #banking

Ready for a global payment revolution? Discover how ISO 20022 is transforming the way banks communicate globally. This new standard enhances speed, transparency, and efficiency, and is a crucial component to achieving the G20’s goals for enhancing cross-border payments. With a migration deadline set for November 2025, the global financial community is on the brink of a major shift. Explore the profound impact and future opportunities this new “language” of payments brings. Plus find out how CommBank is bringing customers on the journey and delivering benefits as early as possible. Read more: https://lnkd.in/ghScRnKH #ISO20022 #globalpayments #finntech #SMEbanking #businessbanking Nick Fanning Susan Yang Ciarán Byrne Carl Slabicki, CTP, AAP

Roq - Quality Engineering like no other are hosting a webinar with industry leaders from Swift, JPMorgan, Barclays, iFast Bank, and The Fintech and Payments Advisory Network as they share insights on: - Evaluating the industry's current state of readiness for ISO 20022 - Lessons learnt from the early adopters - Why has uptake been slow so far? - Discussing perspectives on compliance-driven approaches versus opportunities for strategic innovation - Risk mitigation during implementation - How to manage resource and deliver operational savings during ISO 20022 migration - Preparing for the future of cross border payments 📅 NEXT MONDAY - 24th June at 5pm Secure your spot: https://lnkd.in/eAVb7PZd #ISO20022 #Payments #CrossBorderPayments #Banking #QualityEngineering #LikeNoOther

Our CECSP/Bounced Cheques Solution is a powerful tool designed to improve the management of cheque issuers and risk users for financial institutions. Key Features: 🔍 Data Extraction: Effortlessly integrate with your Core Banking System for seamless data extraction. 📜 Automatic Listing: Instantly generate lists of returned cheques directly extracted from your Core Banking System. ✉️ Automated Communication: Automatically create and send returned cheques, regularization, rescission, and notification letters to clients. ✅ Regularization Requests: Submit cheque regularization requests with the four-eyes principle (Maker-Checker) for enhanced security. 🏦 Automatic Regularization: Automatically regularize returned cheques upon deposit within the allowed time frame. 🚫 Client Blocking: Automatically block clients who fail to regularize cheques, ensuring compliance. 🏢 Entity Registration: Register blocked entities with the Central Bank with ease. 🔄 Comprehensive Process Management: Manage the entire lifecycle of returned cheque, conversion rescissions, and client blocking/unblocking efficiently. ✉️ Automatic Letter Generation - Automatically generate returned, rescission and regularization letters. 📋 Checklist: Enhance efficiency with a comprehensive list of actions per process state. ⏱️ SLA: Report on incidents with Service Level Agreements (SLAs) breached by type of process/rules. ⚡ Priorities System: Manage tasks with a priority system. 🔔 Notification Engine: Customizable settings and real-time alerts support. 🖥️ Micro Frontend Architecture: Enabling better scalability and easy integration of new features and technologies. 🔑 Role Based Access Management: Granular control of features for enhanced security. 🔒 Complete and Isolated Life Cycles: Gain more control with isolated processes for returned cheques, regularizations, and letters. 🔐 User Access and Change History: Maintain security and accountability with detailed user access logs and change history. 📋 Workflow Management: Streamline the review and approval process for information registrations. Our CECSP/UTR Solution is here to provide your institution with a robust, reliable, and efficient way to handle bounced cheques management and mitigate risks. Reach out to us for more information! #CECSP #BouncedCheques #BankingSolution #FinancialTechnology #CentralBank #Integration #Innovation #CoreBanking #RegulatoryCompliance #archTECH