Migrate your legacy payment systems to ISO20022 with minimal risks to cost, schedule, and quality
Why it matters
ISO 20022 is fast emerging as a global benchmark for successful, real-time, high and low-value payments across domestic, regional and international flows of financial transactions. Many financial institutions are faced with the challenges of upgrades to legacy systems, data truncation and variable timelines for different market infrastructures. Our solution mitigates these challenges by allowing you to meet mandatory deadlines without requiring immediate changes to legacy systems, thereby lowering the cost, complexity, and risk of migration projects
How it works
.png)
For Banks
For Fintechs
For Payment Gateways
Step 1 · Messages from your legacy system (eg., MT8583) are sent to the ISO20022 Transformer.
Step 2 · The Transformer validates the messages per your business rules, converts them to ISO2002 format and enriches the message using appropriate reference / master data.
Step 3 · The transformed message is routed to the ISO20022 network as per business rules.
Step 4 · The reverse process takes place when messages are received from the ISO 20022 network. Messages are validated, de-constructed and transformed to your legacy format.
Benefits
One platform for all ISO20022 migrations
Insulates core systems from mandatory migrations
Bi-directional transformations between legacy and ISO 20022 formats
Addresses data truncation issues by maintaining extended data
Self-service customer portal for general audit and administration
Support for multiple protocols - MQ, FTP/SFTP, REST and others
Try Our Payapt Solution Today
