The global payments industry is moving to a single messaging standard ISO 20022. For decades, formats supporting high value and cross-border payments have become uncertain. The ISO 20022 brings the common business terminology across all payment types and most banks will have already started their journey as they migrate to the new messaging standard of ISO 20022. SWIFT has convened for CBPR+ the international payments experts’ group, that it will formulate guidelines for the harmonized rollout and implementation of ISO 20022 for cross-border payments. There are a subsequent set of release on usage guidelines for updated user detailed functional specifications (UDFS) for the Euro system. For banks, the implementation of the new standard represents a global mandate with near-term deadlines. Temenos Payments Hub (TPH) is a universal payments hub solution which has sophisticated centralized infrastructure to support any future payment formats and global payment mechanisms. TPH provides banks with a single solution to configure their payment processing for all customers.

In this webinar, we have discussed the following in detail
– Global payments latest development and global requirements
– Implication and recommendation for Banks
– TPH- The Next generation payments Overview
– Deployment Modes of TPH
– TPH Parameterization
– Unmatched Benefits

The benefits of ISO 20022 are loud and clear, customers can expect superior customer experience, more streamlined compliance procedures, and the ability to deliver new services. It will be the global language for financial messaging. View our webinar to get more insights on how you can leverage TPH to calm the storm of IS0 20022.

For more information on Maveric’s Temenos services, please visit here – https://maveric-systems.com/temenos-core-transformation/

At its most basic level, ISO 20022 is a global messaging standard set by the International Organization for Standardization (ISO) that can be used for all types of financial communication.

To dig deeper into what ISO 20022 is and why the payments industry should embrace the shift towards adoption, PaymentsJournal Editor-in-Chief Ryan McEndarfer had a conversation with Isabel Schmidt, Global Head of Direct Clearing and Asset Account Services, BNY Mellon Treasury Services.

��RedCompass Labs helps financial institutions deliver profitable, secure, end-to-end payment and financial crime services and solutions. Find out how: https://www.redcompasslabs.com

The implementation of ISO 20022 represents a seismic shift towards a more harmonised and richer data model, which will improve banks’ operational efficiency and expand business insights. Most importantly, the new messaging format presents major opportunities for combatting financial crime. So, how can banks use it to not only improve their processes but also help make the world a safer place? We answered this question in our latest 100 Seconds video.

�� Subscribe to our newsletter and updates for the latest in payments and financial crime news https://offers.redcompass.com/subscribe

�� Give this video a thumbs up if you enjoyed it

�� Leave a comment below with your thoughts

�� Read RedCompass Labs Insights https://blog.redcompass.com/

�� Follow us on LinkedIn https://www.linkedin.com/company/redcompass

Walter Schmölzer, CEO, UNIFITS, speaks during EBAday 2020 about test automation for ISO20022 and why it is more than just another standard, why the switch, how banks should prepare for adoption, and whether testing will become easier due to harmonized processes and formats.

For all your fintech-related news, please visit https://www.finextra.com.