Payment modernization is about improving the way money is moved around the world. It encompasses real-time processing, data-rich messaging, and new standards that make it easier to connect and exchange information. One of the main distinctive components of the payment system modernization initiative is the adoption of a globally recognized standard for electronic financial messaging, ISO 20022. The switch to ISO 20022 facilitates real-time payments, improves cross-border transactions, and streamlines reconciliation processes. It also aligns with evolving regulatory requirements, such as anti-money laundering (AML) and know-your-customer (KYC) rules.
We are well-equipped to assist banks in adopting ISO 20022 changes, leveraging our expertise to streamline the process and maximize the advantages of this standard. With our deep domain and technical expertise, we have helped improve payment infrastructure of global leading banks in incorporating a modern ISO 20022-compliant architecture which is aimed at making payments faster, simpler, and more secure for businesses and consumers.
