Electronic payments with ISO 20022: are you ready?
Until today, there were several data exchange formats that co-existed to manage electronic payments for companies:
- Direct debit
These tools automate payment traffic for businesses.
They have existed for several decades and are very widespread on the market.
But these tools are sometimes proprietary, which means that their use is often limited to a small group of financial actors. This implies an increased complexity of computerized electronic payment solutions.
This is why the need for a standard accepted by everyone has manifested itself. And so the new standard for payment traffic has been recently placed on the market: ISO 20022.
ISO 20022 replaces old electronic payment systems (DTA, LSV, v11, etc.).
To benefit from this new standard, electronic payment systems have to evolve.
SaPolaris specialists accompany you in all the stages of such a project to guarantee a transition to the new standard without problem. In summary, we propose:
- Establish the status of the company’s electronic payment flows (initial state)
- Create an electronic payment solution with ISO 20022 that takes over the flows listed above
- Optimize processes and systems where appropriate. In this case, ISO 20022 becomes a trigger for a wider optimization project.
- Run the new solution in a test phase, validate and put it into production
Why with SaPolaris?
It is very simple: the specialists of SaPolaris were already present in the implementation of the payment processes with DTA, v11, etc. The evolution towards ISO20022 is a project of the same type, with modern data exchange technologies of today.
We propose an approach based on the long-term experience of IT solutions change projects. This makes it possible to switch to new solutions of electronic payments while ensuring the continuity of operations!
Contact us today to benefit from the advantages of ISO 20022 as soon as possible!