VolPay™ for ISO 20022 Migration

VolPay™ for ISO 20022 Migration

 ISO 20022 Migration for SWIFT International Payments| VolPay

50% Average customer savings in cost and time using Volante

All financial institutions need an ISO 20022 solution. For large financial institutions with multiple direct market infrastructure connections including SWIFT for cross-border payments, ISO 20022 modernization offers significant opportunities in the form of improved straight-through processing, richer payment data, and enhanced interoperability.

Banks face implementation challenges. ISO 20022 deadlines, migration strategies, and rulebooks vary by SWIFT and payment market infrastructures. Remittance and reference data may get truncated when translating from ISO to legacy standards, which in turn affects transparency and compliance as legacy systems may not process or make use of the enriched data.

Modernizing is easier and faster than you think. With VolPay, it's possible to address the complex challenges of ISO 20022 migration programs with minimal impacts to existing systems. Whatever the deadlines, it’s in the best interest of banks and financial institutions to begin their ISO 20022 migration journey now.

Fintech Futures ISO 20022 5

Five Success Factors for an Ideal ISO 20022 Migration

Learn more about key operational, infrastructural, and technical considerations that lead to ISO 20022 Migration success.

Webinar: ISO 20022 Migration

Watch a recent webinar featuring speakers from Deutsche Bank, Credit Suisse, Ernst Group Bank AG, and Volante to learn why it’s time to start your ISO 20022 migration now.

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VolPay for ISO 20022 Migration

VolPay for ISO 20022 Migration addresses the challenges of variable timelines, legacy systems, data truncation, and more, allowing banks to meet mandatory deadlines without requiring changes to legacy systems

Features

  • Modular components that can be configured to meet specific business needs 
  • Business services for: bulking/debulking, validations, transformations, enrichment, and sanctions/fraud orchestration—in one solution 
  • Manages bidirectional transformations between legacy and ISO 20022 formats 
  • ISO 20022-fluent canonical data model

Benefits

  • Simplify implementation across multiple market infrastructure migrations and timelines 
  • Lower cost, complexity, and risk of migration projects 
  • Rapid implementation – live in twelve weeks
  • One comprehensive platform for all ISO 20022 migration, including SWIFT and payment market infrastructure migrations 
  • Addresses data truncation issues by maintaining extended data  
  • Insulates core systems from mandatory migrations

Technology

  • Open microservices architecture 
  • Supports SQL and NoSQL databases  
  • Cloud-native, cloud-agnostic 
  • Best-in-class performance and scalability

Supported Message Standards

  • SWIFT MT and MX: Payment messages (CAT 1, 2, and 9) 
  • US: Fedwire, CHIPS, RTP 
  • Europe: T2, Euro1; SEPA – SCT, SDD, IP
  • Global: CBPR+, HVPS+