“The benefits available to businesses via ISO 20022 are too vast to ignore, and the sooner you switch the sooner you can start reaping the rewards. Many of the benefits inherent in ISO 20022 are the principals that AccessPay is built on – like greater efficiency and more automation – so our platform is already 100% configured to run with ISO 20022 and you won’t have any transition troubles to contend with.“
Preparing for ISO 20022
ISO 20022 is the new global standard helping financial institutions, and the businesses they transact with, securely and efficiently exchange information.
Is your organisation ready to transition in 2024?
Improved analytics, less manual intervention
With 740 different messages within ISO 20022, ranging from fee collection to file management, global finance is entering an era of information abundance. With more data and more uniformity, ISO 20022 is a series of welcome and timely improvements for any finance or treasury professional who deals with payments:
Data quality & richness
Financial messages will now use structured data – for better accuracy and completeness, and fewer errors, exceptions, or manual interventions.
Able to carry more information, ISO 20022 messages will enable better reconciliation, auditing, and reporting.
Standardisation & collaboration
You’ll communicate worldwide using the same language, whatever the shape, size, or sector.
Close working between your finance and tech teams during implementations will mean smooth transition and effective ongoing support.
Technological compatibility
Seamless compatibility with APIs and cloud-based solutions means more automation, better visibility, and more robust integration of financial systems.
Regulatory compliance
Adhering to ISO 20022 will make regulation and compliance easier to follow, many governing bodies are already adopting it as their standard and expecting it from their member organisations.
Don’t know where to start with your ISO 20022 transition?
Watch AccessPay’s Tom Livock and Nav Cheema dive deep into all things ISO 20022, including detailed explanations and practical tips on:
- Payments and statements
- Implementation
- Timeframes
- Banking
- NBFI
- Cost
Anish Kapoor
CEO at AccessPay
Discover how AccessPay can help you kickstart your ISO 20022 transition in 2024
Get in touch with one of our experts by completing our contact form.
Zero-effort transition to ISO 20022, with AccessPay
For many organisations, switching from SWIFT to ISO 20022 is going to be a long and complex process – especially those with multiple systems and large client bases. For AccessPay users, it’s just a flick of a button.
AccessPay is already configured for ISO 20022 and all you need to do as a user is enable it as your new standard. You won’t lose any historic data, and you won’t lose the ability to transact with clients, suppliers, and partners who aren’t yet on ISO 20022. You’ll retain all the benefits of life before ISO 20022, with plenty of new benefits:
Higher processing
efficiency
Increase the frequency of straight-through processing, with fewer exceptions, and a greater rate of reconciliation.
Reduced financial
department costs
Make better use of automated processes and avoid the costs of human error and manual interventions, reducing your financial admin bill.
More portability
and interoperability
Supported by every bank globally, sending and receiving payments will be possible with any partner, wherever they are.
Better business
decision making
Operate on a more real time basis and make more informed decisions about your business, with richer financial data.
Mastering the technicalities of an ISO 20022 implementation
Covering the technical aspects of ISO 20022, this article will help finance professionals prepare for the upcoming changes, with advice on how to migrate to ISO 20022.
It also explains the logical structure of the new messaging, explaining how it’s represented syntactically in an XML format.
A deep dive into the mechanics and messaging of ISO 20022
ISO 20022 was first introduced by the International Organisation for Standarisation in 2004 to give the financial industry a standard platform for developing messaging in on eXtensible Markup Language (XML) rule.
Discover everything you need to know about SWIFT’s new Financial Messaging Standard.
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