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What is the ISO 20022 Compliance for SWIFT network users?

As of March 2023, ISO 20022 has been integrated into the SWIFT cross-border payments network, marking a significant milestone in the financial industry's transition towards standardized messaging. ISO 20022 Compliance for SWIFT network users entails adapting to the new payments message standard, ensuring that outgoing MX messages meet the structured data requirements mandated by ISO 20022. The deadline for compliance varies depending on regulatory mandates and internal strategic timelines of financial institutions, but the transition is imperative for ensuring seamless interoperability and unlocking the full potential of enhanced data richness.

Coforge's ICaaS helps SWIFT users become ISO 20022 compliant.

Coforge's ISO 20022 Compliance as a Service (ICaaS ) offers a comprehensive solution to streamline the migration process for SWIFT users. By leveraging strategic partnerships and advanced technologies, ICaaS provides end-to-end support, including specialized consulting, advanced migration tools, ISO 20022 data products, and robust testing services. This holistic approach empowers financial institutions at any stage of their migration journey, facilitating a seamless and cost-effective transition to ISO 20022 compliance.

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The key features of ICaaS

End-to-End Solution
End-to-End Solution

A comprehensive, end-to-end solution covering all aspects of ISO 20022 compliance, including translation, structured data management, data truncation, and quality assurance.

Specialized Consulting
Specialized Consulting

Specialized consulting and analysis tailored to the unique needs of each financial institution, ensuring personalized guidance throughout the migration journey.

Advanced Migration Tools
Advanced Migration Tools
Leverages advanced migration tools powered by automation to streamline the migration process, reducing manual effort and accelerating time-to-compliance.
ISO 20022 Data Products
ISO 20022 Data Products
Offers ISO 20022 data products designed to facilitate seamless integration and interoperability, enabling financial institutions to harness the full potential of structured payment data.
Robust Testing Services
Robust Testing Services
Includes robust end-to-end testing services to ensure compliance with ISO 20022 standards, mitigating risks and ensuring seamless interoperability with internal and external systems.
Technology Accelerators
Technology Accelerators
Integrates technology accelerators, such as middleware solutions and data fabrics, to provide a centralized ISO 20022 native environment, facilitating efficient data structuring and validation.
Strategic Migration Approach
Strategic Migration Approach
Offers an alternate and strategic migration approach, enabling financial institutions to adopt ISO 20022 native data layers for better value and long-term strategic benefits.
Ease of Integration
Ease of Integration
Ensures seamless integration with existing systems and processes, minimizing disruptions and maximizing efficiency during the migration process.
Regulatory Compliance
Regulatory Compliance
Addresses regulatory compliance requirements associated with ISO 20022 migration, ensuring adherence to evolving regulatory landscapes and mandates.
Future-Readiness
Future-Readiness
Positions financial institutions for future success by enabling them to adapt to changing technological advancements and regulatory requirements, ensuring long-term sustainability and competitiveness.
End-to-End Solution
End-to-End Solution

A comprehensive, end-to-end solution covering all aspects of ISO 20022 compliance, including translation, structured data management, data truncation, and quality assurance.

Specialized Consulting
Specialized Consulting

Specialized consulting and analysis tailored to the unique needs of each financial institution, ensuring personalized guidance throughout the migration journey.

Advanced Migration Tools
Advanced Migration Tools
Leverages advanced migration tools powered by automation to streamline the migration process, reducing manual effort and accelerating time-to-compliance.
ISO 20022 Data Products
ISO 20022 Data Products
Offers ISO 20022 data products designed to facilitate seamless integration and interoperability, enabling financial institutions to harness the full potential of structured payment data.
Robust Testing Services
Robust Testing Services
Includes robust end-to-end testing services to ensure compliance with ISO 20022 standards, mitigating risks and ensuring seamless interoperability with internal and external systems.
Technology Accelerators
Technology Accelerators
Integrates technology accelerators, such as middleware solutions and data fabrics, to provide a centralized ISO 20022 native environment, facilitating efficient data structuring and validation.
Strategic Migration Approach
Strategic Migration Approach
Offers an alternate and strategic migration approach, enabling financial institutions to adopt ISO 20022 native data layers for better value and long-term strategic benefits.
Ease of Integration
Ease of Integration
Ensures seamless integration with existing systems and processes, minimizing disruptions and maximizing efficiency during the migration process.
Regulatory Compliance
Regulatory Compliance
Addresses regulatory compliance requirements associated with ISO 20022 migration, ensuring adherence to evolving regulatory landscapes and mandates.
Future-Readiness
Future-Readiness
Positions financial institutions for future success by enabling them to adapt to changing technological advancements and regulatory requirements, ensuring long-term sustainability and competitiveness.
Insurance-1

The ease factor of this solution?

The ease factor of Coforge's ICaaS solution lies in its meticulous design and tailored approach. By offering a centralized environment for ISO 20022 translations, data management, and business intelligence, ICaaS simplifies the complexities associated with compliance. Moreover, the integration of technology accelerators and automation tools minimizes disruptions and accelerates the migration process, ensuring a smooth and hassle-free experience for SWIFT users.

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Benefits of ICaaS

Enhanced Efficiency
Enhanced Efficiency

ICaaS streamlines the migration process, reducing the time and resources required for compliance.

Cost-Effectiveness
Cost-Effectiveness

By offering a comprehensive suite of services, ICaaS eliminates the need for multiple vendors and costly upgrades, maximizing cost savings for financial institutions.

Risk Mitigation
Risk Mitigation

ICaaS ensures regulatory compliance and mitigates potential risks associated with the migration process, safeguarding institutions against operational disruptions and financial losses.

Future-Readiness
Future-Readiness

ICaaS enables financial institutions to adapt to evolving regulatory landscapes and technological advancements, positioning them for long-term success in the digital era.

Enhanced Efficiency
Enhanced Efficiency

ICaaS streamlines the migration process, reducing the time and resources required for compliance.

Cost-Effectiveness
Cost-Effectiveness

By offering a comprehensive suite of services, ICaaS eliminates the need for multiple vendors and costly upgrades, maximizing cost savings for financial institutions.

Risk Mitigation
Risk Mitigation

ICaaS ensures regulatory compliance and mitigates potential risks associated with the migration process, safeguarding institutions against operational disruptions and financial losses.

Future-Readiness
Future-Readiness

ICaaS enables financial institutions to adapt to evolving regulatory landscapes and technological advancements, positioning them for long-term success in the digital era.

About Fiorano

SIMP

Fiorano is a cloud-native event-driven integration and microservices platform that combines integration, low-code, and eiPaaS capabilities to enable organisations to rapidly build and deploy global hybrid multi-cloud applications. By making business processes event driven, Fiorano helps enterprises achieve massive scalability, responsiveness, and increased productivity. With Fiorano, companies can respond better in volatile markets and deliver exceptional customer and employee experiences.

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