Reduce SEPA compliance complexity
Modernising payments systems is a top priority for many financial services firms to reduce costs, increase customer responsiveness, and facilitate compliance with new regulations. The Single European Payments Area (SEPA) and the European Payments Services Directive (PSD) mandate the use of new standards for payments, which puts increased pressure on existing bespoke systems that typically use legacy ACH and SWIFT MT data formats. To increase the efficiency of communications with customers and partners, there are also new demands to support ISO 20022 based messages for payments transactions.
Gresham allows financial institutions to comply with PSD and SEPA initiatives by providing financial messaging data interoperability tools with pre-built standards libraries for payments processing. Rather than dealing with the costs and project delays of learning many financial services standards, hand-coding and testing schemas, transformations, and validation rules, the solution lets developers use model-driven tools to support legacy and new messaging standards, configure changes and specialize data for various payments processes. The solution provides “out of the box” high performance data validation addressing the challenges of today’s highly regulated financial services environment.
Financial organisations worldwide rely on SEPA standards libraries to: