Moving to ISO 20022 and need testing?
If you are making the move to streamline your communications structure for payments, you’ve come to the right place. ISO 20022 standards provide a more cost-effective communication process to support specific financial processes while facilitating interoperability with other existing protocols.
The initial focus of ISO 20022 was on cross-border financial communication between financial institutions and their clients. Because of the significant benefits of standardized communications, many institutions are looking to implement ISO 20022 for domestic financial messages as well.
The standard’s flexible framework encourages users to build business transaction message models using an internationally agreed upon schema. Organizations participating in ISO 20022 include: FIX Protocol Limited (Financial Information eXchange), ISDA (FpML), ISITC, Omgeo, SWIFT, Faster Payments System, and Visa.
Implementation of any new payments messaging protocol carries with it certain risks due to error in the code. The only way to mitigate these risks is to test before implementation.
That’s where Ascert comes in.
Ascert's ISO 20022 Driver for the VersaTest product provides a complete end-to-end testing solution that delivers a comprehensive simulation of your ISO 20022 formatted messages communicating with your choice of interface. Using either a locally hosted solution or Ascert’s cloud-based Ascertified portal, you can be up and running in a rapid time period.
Interoperation between financial messaging standards is also facilitated with the 20022 driver. The cross-validation function ensures accuracy of messaging from old to new standards. Similarly, the translation capabilities allow for communication between different systems, such as ISO messages translated to SWIFT.
Some of the other benefits of the system are:
Want a risk-free analysis and test drive of the ISO 20022 test system? Send us an email to email@example.com and an Ascert Associate will grant you access to a test system. Just put “Test Drive Ascert ISO 20022” in the subject line.