Revolutionizing Banking: How a Global Fintech Transformed ISO 20022 Compliance with Gresham’s Connect for Message Services
Introduction
The ever-evolving landscape of the fintech industry demands innovative solutions to address complex challenges. This case study delves into the transformative journey of a global fintech company seeking to enable its banking clients to comply with ISO 20022 while harnessing the power of richer data. With the rapid pace of changes in the payments domain, the fintech turned to Gresham’s Connect for message services to seamlessly convert incoming messages into ISO 20022-readable formats. The result was not only improved compliance but also streamlined operations and enhanced competitiveness.
The Challenge: ISO 20022 Compliance and Rapid Adaptability
- Fintech Evolution: A global fintech enterprise aimed to empower its banking customers by enabling them to adhere to ISO 20022 standards while also capitalizing on the advantages of enriched data. However, keeping up with dynamic standards in the payments sector posed a significant challenge, necessitating continuous investments of time and resources.
- Complex Format Transformation: Financial institutions, especially corporates, grappled with transforming diverse payment formats into ISO 20022. Converting messages from disparate systems, including legacy ERPs, was time-consuming and often hindered straight-through processing (STP).
The Solution: Gresham’s Connect for Message Services
To address these challenges, the fintech company embraced Gresham’s Connect for message services, resulting in the following outcomes:
- Enhanced Competitiveness: By rapidly converting incoming messages into ISO 20022-readable formats, the fintech gained a competitive edge. It enabled the fintech to support existing clients while attracting new ones.
- Efficient Client Onboarding: The Connect solution facilitated quicker onboarding for corporate banking customers by simplifying the transformation of diverse payment formats into ISO 20022.
- Standard Maintenance and Updates: Gresham’s Connect maintained and updated message standards, sparing the fintech's in-house IT resources from constant changes in the payments landscape.
- Robust Testing: Connect's integration allowed for swift testing against input files received from corporates, ensuring compliance with required specifications.
- Time and Resource Efficiency: The solution empowered the fintech to automate mapping and validation processes, freeing up internal IT teams for strategic initiatives.
Benefits and Results
- Agility and Scalability: Gresham’s Connect for message services helped the fintech to adapt quickly to ISO 20022 standards and evolving payment formats. This adaptability bolstered its ability to serve clients efficiently.
- Effortless Transformation: The solution streamlined complex message formatting tasks, accelerating the conversion of payment formats into ISO 20022. This resulted in enhanced efficiency and STP.
- Presales Advantage: Connect facilitated the presales process by rapidly configuring required message formats for prospective banks in various countries.
- Resource Focus: By delegating standards maintenance and updates to Connect, the fintech's in-house IT teams could concentrate on core strategic initiatives.
Conclusion
The fintech sector's evolution necessitates innovative solutions that simplify complex challenges. Gresham’s Connect for message services emerged as a transformative force for a global fintech, ensuring ISO 20022 compliance, enriching data capabilities, and streamlining operations. The fintech's partnership with Gresham not only facilitated compliance but also enhanced competitiveness, fostered client onboarding, and enabled optimal resource allocation. This journey exemplifies the power of technology-driven solutions in revolutionizing the fintech landscape.
Explore how Gresham’s Connect for message services can unlock ISO 20022 compliance for your banking clients. Contact us today to embark on a seamless transformation journey.