In addition to SWIFT’s CBPR+ migration, Bottomline’s ISO 20022 & Transformation and Enrichment Service is committed to providing universal support for the domestic ISO 20022 migrations of APAC’s market infrastructures:
- HVCS/ RITS
- CHATS
- RENTAS
- PhilPaSS
- MEPS+
- BAHTNET
The only mandatory action required for all institutions is to upgrade your messaging interface (supporting InterAct store-and-forward).
Source: SWIFT CONNECTIVITY GUIDE
ISO 20022 – Payments Evolution in 2022 & Beyond
How can ISO 20022 benefit your business?
- Supports transparency & interoperability for domestic & cross-border payments
- Lowers operating costs
- Provides data insights to improve customer payments insight
- Increased automation & less manual intervention
- Richer customer data which helps with reconciliation & enhanced fraud capability
- Creates new revenue streams through digital overlays
Why the migration to ISO 20022 is crucial for your business
ISO 20022 has already been adopted in 70 countries to replace domestic or legacy formats
SWIFT mandated that ANY financial institution processing SWIFT messages must be able to receive and process ISO by end of 2022
ISO 20022 will support a predicted 80% of volume and 90% of the value of high value payments by 2025
What is ISO 20022?
MT Messaging is being replaced by IS0 20022 financial messages, which provides rich data with each transaction, enabling everything from enhanced analytics to status tracking, sanction checking and automated invoice reconciliation – all whilst delivering an enhanced experience for end customers.
The global ISO 20022 standard for financial messaging also reduces fragmentation and improves interoperability on key services such as instant payments - domestic and cross-border, Open Banking, API platforms and other overlay services.
How can Bottomline help me choose a tailored solution for my business?
We can leverage our global experience, in particular the 2016 Swiss SIC migration to ISO 20022, to forge a best practice approach. This will involve assessing your institutions unique challenges in order to build a tailored strategy that will help with a speedy and effective migration. On the whole, there is value in your financial institution considering a phased approach or ‘minimal functional requirements’ remit for the ISO 20022 adoption/ migration, that has the agility for you to optimise in the immediate future.
Three phases to successful adoption of ISO 20022
At Bottomline we are facilitating this approach to minimise the impact on our customer’s current processes, whilst maximising the new value-add opportunities and operational efficiencies.
Step 1
Upgrade interfaces and core overlay services to ISO 20022 native
Upgrade Interfaces and core Overlay Services to be ISO 20022 compliant, whilst simultaneously providing access for our clients to a utility that enables transformation, enrichment and validation of their legacy messaging transposed into ISO 20022. NB. Customer messaging processing remains unchanged.
Step 2
Implement the upgraded Infrastructure and enable new messaging services without impacting daily operations
Implement the upgraded Infrastructure for our clients and enable the new messaging services for them without impact on their daily operations. This will prepare our clients for the market facing changes they will have to make and ready them for the switch, post a customer impact assessment and further data analysis.
In parallel, Bottomline will work with clients to enhance the data they need to make available and process. This can happen in two different ways: The first is for the client’s own applications to produce full ISO 20022. The second is to maintain current outputs, allowing access to the full data via a complete data store based on the original messaging and integrate secondary data sources to build the complete message.
Step 3
Final decision to set ISO 20022 ‘live’ in the market
The final decision to set ISO 20022 ‘live’ in the market. With all the internal work completed in the background, the communication out to the market moves from old to new. Now our clients can feel confident to elect a date to switch on the full capabilities of ISO 20022 payments processing having had ample time for testing. The improved processes that have been developed internally can then be set ‘Live’.
Don’t be a laggard as even with the support of industry/ government bodies, as well as a seasoned service provider partner like Bottomline, a simple migration takes 9-12 months to implement, let alone a strategic approach - so you better act now!
How banks can benefit from expanded access
This paper will explore trends in payment system access models and examine how the move toward open access can enable the next-generation of payment services.
Leveraging real-time payments (RTP) in digital ecosystems
View White paper
EastWest Bank successfully migrate to PhilPaSS Plus, enabling the bank to receive and send data rich ISO 20022 messages
EastWest Bank had the challenge of complying with the new ISO 20022 message format whilst managing the impact on their core banking system (T24) and the availability of IT support.
Real-time payments and ISO 20022 with Deutsche Bank
We are at a time where ISO 20022 innovation is becoming ever more critical.
Bottomline and Deutsche Bank's Payments and Infrastructure Lead discuss how the introduction of standardised messaging such as ISO 20022 is having a huge impact on operational efficiency, interoperability and customer transparency and how will this impact the speed of roll-out of new banking services and revenue streams.
How Can Financial Institutions in APAC Efficiently Migrate to ISO 20022 & Build a Centralised Message Vault in an Increasingly Outsourced World?
ISO 20022 is predicted to support 80% of volume and 90% of the value of high-value transactions and SWIFT has mandated that ANY financial institution that processes SWIFT messages must be able to receive and process ISO messages by the end of 2022.
However, many banks and financial institutions have underestimated the complexity of the necessary changes of the migration as the transition isn’t just a simple upgrade of process. Existing infrastructure and legacy systems are not sophisticated enough to deal with the speed of integration and transition required.
What are the latest big trends in payments and how should they be prioritised strategically?
There are a whole series of innovative changes occurring in the payment landscape aimed at making payments faster, more transparent and easier to manage. This podcast will help you decide which initiatives to prioritise to drive new revenue and provide an enhanced user experience for your customers.
Supporting solutions
Bottomline Universal Aggregator
Our cloud-based financial messaging and payments platform provides a single point of access to multiple payment networks (connectivity, processing, monitoring, screening) for Financial Institutions and large corporates through a comprehensive Digital Payments Ecosystem. Accessing multiple payments networks carries heavy overheads, technical complexity and duplication of processes.
Bottomline helps banks address all of these challenges, providing a seamless, single and secure access point to multiple global and domestic payment schemes.
Bottomline Real-Time Payments Express
More than 60 countries are already live with real-time payment schemes or due to launch imminently. With over half a million transactions predicted and a growth rate of 40% annually between 2020 and 2024, the speed and agility that Real-Time payments offers is universally recognised as providing a genuine alternative to traditional digital payments such as ACH, RTGS or cards.
However, the key to Real-Time payments is the interoperability of each scheme so that true global real-time transactions can be a reality. At present, schemes do not provide universal connectivity and so it isn’t possible to send funds globally. Therefore, it is of paramount importance that banks and financial institutions plan to connect to multiple schemes and central infrastructures.
Bottomline SWIFT Connectivity
SWIFT gpi/Universal Confirmations - With more than 660 banks signed-up to the SWIFT gpi service, with the capability to channel payments into over 1,300 country corridors and 150 currencies. Every day, banks send the equivalent of over $300 billion in value and 56% of SWIFT’s 17 million daily messages.
Bottomline Message Vault
Aggregated data and insights under the Bottomline Message Vault and Message Manager solutions leveraging real-time data and tracking capabilities to control the status of your business as well as providing enhanced analytics and intelligence for speedy and accurate decision making.
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