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LEARN MOREThe payment sector often undergoes rapid changes and today is no exception. Previously, wire transactions were conducted with SWIFT MT messages that used set characters and carried limited data, making them unsuitable for comprehensive analysis of payments. But the payments ecosystem is now facing increased pressure from regulators, more intense competition driven by new entrants, and rising customer expectations for instant, transparent, and seamless transactions.
As these dynamics shift and new channels and technology platforms emerge, it is clear that MT messages are quickly becoming obsolete.
The alternative is ISO 20022 MX messages, which use advanced XML-based technology and incorporate a strong payments infrastructure that can solve a number of the challenges across the payments ecosystem. While there is an initial level of complexity associated with implementing MX messages, it eventually enables a more streamlined payments process.
The IVP Cash Management Solution can help any firm make a smoother, easier transition to MX messages. Specifically, the IVP solution can help your firm:
The ISO 20022 go-live date for cross-border payments and reporting (CBPR) and coexistence starts in November of this year, which is why so many firms are rapidly transitioning to ISO 20022 right now. These and other firms are already benefitting from the efficiencies of ISO 20022 MX messages.
To find out how the IVP Cash Management Solution can help you make an easier transition, download the FAQ document or schedule a live demo by contacting sales@ivp.in.
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A customizable cash management solution for processing payments and monitoring balances via STP. This ISO 20022-compliant solution centralizes balances for unified risk control and regulatory compliance and ensures that counterparty data is validated once and then made instantly available for future automated payments based on configurable rules. A comprehensive and customizable solution for cash settlements, balance monitoring, and straight-through processing (STP). Our cash management solution includes features like SWIFT payment processing and ensures that counterparty data is validated once and then made instantly available for future automated payments based on configurable rules. The solution centralizes all balances, providing unified risk control and regulatory compliance.
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