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As the financial industry is moving towards the ISO 20022 messaging standards, Malaysia Building Society Berhad also known as MBSB Bank, a prominent financial institution in Malaysia known for its comprehensive range of banking and financial services, has engaged ECS Fin’s IMS ISO 20022 Translator.
MBSB now complies with Swift and BNM (Bank Negara Malaysia) requirements on exchanging messages in ISO 20022 standards covering cross-border and domestic payments. Be it that migrating to ISO 20022 standards is an ordeal for financial institutions, ECS Fin’s approach to transaction processing makes it possible with minimal effort. With the IMS ISO 20022 Transformation Tool, the bank has been ISO 20022 compliant since May 2023; thereby maximising new value-added opportunities, and complying with regulatory mandates, all with minimal disruptions to their current business practices and infrastructure.