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.
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.Watch Now
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
- 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
- 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
- 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+
Volante offers interoperable, extensible solutions for a variety of payments needs, all composed of business services from the VolPay ecosystem.
Corporate To Bank Automation
Onboard corporate customers faster and win new corporate clients by automating corporate to bank connectivity
Global Clearing Gateways
Accelerate expansion into new markets by connecting to over one hundred global clearing and settlement mechanisms
Modernize your payments infrastructure without replacing legacy payment systems
Unify all your payment processing and orchestration functions in a single service ecosystem
Open Banking and PSD2
Strengthen customer relationships through open banking business models, while complying with PSD2 and similar regulations
Expand your service portfolio with next-generation cross-border payments like SWIFT gpi, Ripple and more
Beneficiary Pay Link
Move from paper to digital by allowing corporations to pay any beneficiary, the way they want to be paid