Banks across the globe are under pressure to modernize payments technology infrastructure in line with ISO 20022.
While the ISO 20022 message standard is revolutionary and offers multiple external benefits related to harmonization, integrating the ISO 20022 message format into existing environments is complex. The agility, stability, and scalability of underlying technology infrastructure banks choose to underpin ISO 20022 plays a significant role in the resulting outcomes.
Fiorano ISO 20022 Accelerator components are proven to support both short-term and tactical message and interface implementation projects as well as providing an ideal underlying technology framework for a more long-term and micro-service centric approach to ISO 20022 powered transformation.
The agility, stability and scalability of underlying technology infrastructure banks chose to underpin these transformations will have a big-say in the resulting outcomes. If not managed correctly, risks include.
- Complex and time consuming integrations
- Limited-scalability
- Data-loss, Truncation and Message-loss
- Limitations and restrictions on your ability to enrich messages
- Real-time capabilities: Transact and enforce changes without having to switch-off / reboot
- High implementation costs
- Potential lock-ins and restrictions enforced by closed platforms (e.g. character set language localizations for cross-border payments)