Securities and payments migration to ISO 20022 infrastructure to handle the traffic of future load, but with less breaks.
The securities and payment ecosystem continues to change and evolve rapidly with increased regulatory pressure on banks and financial institutions, competition from new entrants and enhanced customer expectations of instant, transparent and seamless payments.
To address this issue, a more structured, modern, and pervasive standard language is required. ISO 20022 provides these facilities while increasing efficiency, improving compliance, and harmonizing the payment system. The enriched data sets will promote end-to-end automation through the transaction lifecycle and increase machine readability – enabling faster processing, greater visibility, and interoperability across different regions.
Wipro’s ISO 20022 practice consists of experienced consultants operating from different geography. They specialize in implementing ESMA regulatory reporting and migration to ISO 20022 formats. Wipro can help global banks and financial institutions in their journey of reporting transformation.