ISO 20022 is a global standard for financial messaging that enables more efficient, automated, and reliable communication between financial institutions. Migration to ISO 20022 can bring several benefits to financial institutions, including:
- Enhanced Straight-Through Processing (STP): ISO 20022 enables more detailed and structured data, which can be used for automated processing, reducing the need for manual intervention and improving operational efficiency.
- Improved data quality: The standard requires data elements to be defined with clear rules, making it easier to identify and resolve data errors and inconsistencies.
- Enhanced data analytics: With more structured data, financial institutions can more easily extract and analyze data for business intelligence and decision-making purposes.
- Improved risk management and financial crime risk monitoring: The standard includes additional data elements and new business rules that will help identify and manage risks related to financial transactions including sanction screening.
Eastnets offers a range of solutions to help financial institutions migrate to ISO 20022, including:
- Compliance and risk management solutions: Eastnets' solutions can help financial institutions manage risks related to financial transactions, including anti-money laundering (AML), counter-terrorism financing (CTF), and sanctions screening.
- Payment solutions: Eastnets' payment solutions can help financial institutions process transactions more efficiently, with faster settlement times and improved accuracy.
- Data management solutions: Eastnets' solutions can help financial institutions manage their data more effectively, with features like normalization and enrichment.
Overall, the benefits of migrating to ISO 20022 through Eastnets' solutions can include improved operational efficiency, better risk management, and enhanced data analytics, helping financial institutions meet the demands of an increasingly complex and competitive financial landscape.
Contact us today to learn more: info@eastnets.com