Solutions

ISO 20022 Data Transformation

Adhere to evolving payment standards to achieve compliance and improve payment operations

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87%
of global financial transactions will be supported by ISO 20022 by 2023

Overview

Abstract image of laptop, phone and international monetary symbols.

ISO 20022 migration has proven to be both complex and time-sensitive for banks and their corporate clients, prolonging adoption efforts. Improper implementation can have a lasting impact on day-to-day operations and could pose long-term reputational damage.

ISO 20022 Data Transformation solutions enable banks and other financial institutions to seamlessly adopt the ISO 20022 standard to optimize compliance and deliver efficient payment operations.

Key benefits

Impact business and achieve better results.

Read the overview
  • Enable global payments

    Break down cross-border barriers and support global payments with standardized financial message structures and meaning.

  • Improve customer experiences

    Automate reconciliation efforts, ensure remittance details travel with payments and support transactional integrity with standard semantics and syntax.

  • Enhance productivity

    Accelerate straight-through processing rates for accounting teams with enriched data and remittance information.

  • Strengthen regulatory compliance

    Get visibility into payment origination and processing to ensure compliance with industry-wide global standards.

  • Eliminate manual payment processes

    Streamline and automate payment operations and enable integrated payables and receivables to improve processes and experiences.

Business impacts

  • ISO 20022 implementation

    A successful implementation requires resources and expertise that understand the payment standard’s complexity. Often, implementations are left to IT departments without the appropriate knowledge. Accelerate time to value with outsourced expertise.

  • Customer implementation

    Banks must guide corporate clients through their own ISO 20022 migrations to help them fully leverage the benefits. However, banks often lack support resources for such a new and complex standard. Empower teams for fast, simple implementation.

  • Reputation management

    Project teams need to ensure ISO 20022 implementations do not impact customers. SWIFT and best-practice guides help, but without expertise in the new standard, teams can make mistakes. Simplify migration and protect client relations.

  • Risk and compliance

    Banks must be compliant with frequently changing standards. Existing data is not robust or structured enough, restricting visibility into payment origination and departure and threatening noncompliance. Ensure compliance with highly structured data.

Explore the components of the solution

Products

Solve ISO 20022 Data Transformation challenges with OpenText.

Professional Services

OpenText Consulting Services combines end-to-end solution implementation with comprehensive technology services to help improve systems.

ISO 20022 Data Transformation resources