ISO 20022 Standards

A Non-disruptive adoption method from ECS

You can Enrich and/or Preserve Data
Without causing any disturbance to any of the source systems

ISO 20022 Standards ~ An Overview

As the industry moves towards a global standard for message-based communication, disruptions in transaction processing seems inevitable. Adapting ISO 20022 standards is more than a data transformation project. It involves handling, safekeeping and utilization of additional fields for all related services.

ECS believes that the adoption of ISO 20022 messages does not have to be disruptive. An enterprise’s legacy systems and business processes should not be affected by changes in languages and protocols used to exchanged information with customers, service providers, counterparties and all interested parties.

Adapting ISO 20022 can be a major initiative for organizations that utilize traditional data transformation tools. However, for ECS’ customers, its simply a preference setting that can be dynamically assigned to every counterparty’s credentials.

  • How is it possible that ECS can accomplish this goal without interrupting source systems?
  • How does ECS enrich missing information and validate outgoing messages?
  • How is excess data not required by internal applications preserved?
  • How does ECS limit the number of mapping needed and accomplish the goals at a rapid pace?
ISO 20022 ~ ECS History

ECS has been providing ISO 20022 messaging standards since 2015 to tier-1 corporate customers bringing efficiency to their ERP to bank communications. For ECS customers who uses the IMS platform, ISO 20022 messaging standards is just another messaging protocol that has not caused any interruptions to their internal applications or data processing environment.

Mapping Consideration

ECS Supports 3 types of data mapping.

  • GUI based, Drag/Drop using Java
  • Standard coding, Java/XML
  • Persist/Subscribe Model

ECS also recommends and support the engagement of a Canonical format that can stand between source formats and target formats in certain situations. Such approaches can reduce the number of mappings from “m times n” to “m+n+1”.

For ISO 20022 related mappings are recommended to utilize the Persist/Subscribe Model and the engagement of a canonical format when justified.

The Persist Subscribe Model

A proprietary method used by ECS that gives a lot of flexibility in adding complex processing rules while converting data between formats. This method also allows users to interface and take decisions as and when needed for handling exceptions or for adding conditional rules.

Formats Supported

Supports a series of standard and proprietary formats. Complete mappings for conversion from/to ISO 20022 MX Standards. Covers CSV, Excel, XML or standards like ISO 15022, NACHA, BAI etc.

Complex Mappings
ECS support one-to-one, one-to-many and many-to-many type of message conversion from one or more source systems to one or more target entities. Inter-message processing, batch headers and trailers regrouping multiple batches is also supported.
Addressing Gaps

Gather messages in proprietary formats from all internal applications. Prepare 20022 messages, subject to value added processing, approval cycles and controls, deliver to interested parties in desired protocol and schedule.

Surplus Data

Store incoming messages to relational database tables. Create proprietary messages for delivering to internal applications. Safekeep all surplus data that is available on the ISO 20022 messages for future needs, compliance report, regulatory needs and to assist with investigations.

Certifications
ECS is certified in the following areas that involve the engagement of ISO 20022 Standards. CBPR+ ECS is certified by Swift for all aspects of ISO 20022 standards for Cross Border Payments and Cash Reporting.
  • Compatibility
  • CBPR+ Ready
RTP (various regions)
ECS’ Enterprise Payment Hub is utilized by many regions for doing real-time payments following the ISO 20022 standards. The central banks of such regions have certified our solutions that include workflow management as well as message based communication following the MX Messaging standards.
Fedwire & ISO 20022 Standards

ECS is one of the first payments providers in the US to get certified on Fedwire payments processing following the ISO 20022 Standards.

ECS is accepting requests from prospects who would like to follow a Risk-Free acquisition process for migrating to Fedwire ISO 20022 version as well as other domestic payment modules.

Miracle Case Study

One of our customers has remarked our overnight accomplishment for them as a “miracle”. An ACH file in NACHA format did not meet the cutoff time. The next few days were public holidays. More than 10,000 highly critical payment instructions were held back. The bank reached out to all vendors who were engaged with them. ECS took the call and made an attempt.

The IMS Payment platform has several modules and supporting components that can be put together to make rapid solutions The NACHA file was broken down, enriched and reformatted to ISO 20022 format confirming to Bank Negara, the Central Bank of Malaysia and the payment instructions were delivered via its Real-Time Payment rail. The job was accomplished before next day business.