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ISO 20022 Migration
Formats Development Made Easy
Kyriba offers its clients a pre-built and pre-tested payment format library with over 50,000 payment scenarios ready for use, covering all major banks across the globe. Based on Kyriba’s Value Engineering Projects, Kyriba clients are looking at an average saving of $100,000 from payment formats development efforts.
What's New in ISO 20022 XML V9?
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Real-time and Instant Payments
Currently, most real-time payment systems are using ISO 20022, such as the newly launched FedNow instant payment service in the USA.
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More Detailed Higher Quality Data
Enabling better reporting, enhancing security procedures, and driving payments and service innovation.
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World-wide Adoption
Currently, over 70 countries are already in the process of adopting ISO 20022, including USA, SEPA region, China, India and Japan.
Improved Regulatory Reporting
The rich, consistent, well-structured data enabled by the new standard creates more secure payment information that lends itself to better, faster regulatory reporting.
Cross-border Payments
The format ensures alignment with global industry standardization such as SWIFT’s cross-border payments messaging migration where the MT messages will gradually be replaced by XML.
Tracking and Faster Reconciliation
It supports Unique End-to-end Transaction Reference (UETR), allowing the transmission of this unique id from any ERP system in a payment file to the bank and back in payment acknowledgement and bank statements.
Fraud Prevention and Compliance
A standard payment format helps organizations identify fraud, including money laundering. The fact that the new format requires structured and complete addresses limits the fraud risks and improves compliance.
From Our Clients
Nucor modernizes and streamlines check payment processing
Harnessing the Power of Emerging Technology
Related Resources
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eBooks, Thought LeadershipThe Winning Formula for Your ISO 20022 Payments MigrationIs Your Business Ready for ISO 20022 Payments Migration? The lack of payment messaging standards around the globe has been a major issue for payment factory or payment hub modernization. The absence of standards has resulted in expensive cross-border payments, insufficient transparency, increased fraud, and heightened security risks. Many companies have allocated extensive resources to...Read the eBook -
eBooks, Thought LeadershipPayments Fraud Detection in an Escalating Threat EnvironmentModern fraud threats are innovative and constantly evolving. To confront these threats, organizations that want to survive need to deploy the most up‑to-date detection and prevention solutions.Read the eBook -
eBooks, Thought LeadershipOptimizing ERP Payments During a Cloud MigrationTable of ContentsIntroductionMoving on UpAccelerate the ProjectMoving Payments ForwardPayments Maturity ProcessDefending Against Payment FraudDigitizing Payment WorkflowsStandardizing ControlsScreening PaymentsConnectivityWhich Connection?Connectivity as a ServicePayment AcknowledgmentsPayments FormatsDeveloping Payment FormatsTraditional ERP Payment DevelopmentKyriba Payment Format Library 45,000+ off the shelf formatsAgility, Scalability, VisibilityAgility and ScalabilityGlobal VisibilityIngredients of a Successful Payments ProjectAccelerating Your ERP Cloud Migration ProjectManaging Connections and FormatsDetecting...Read the eBook