ISO 20022 services for financial institutions
We offer a number of services to help you understand the impact of ISO 20022 on your business and plan your future ISO 20022 roadmap: the ISO 20022 Impact Assessment Service and ISO 20022 Solution Design Services.
ISO 20022 Impact Assessment Service
It’s crucial that you make informed decisions in order to select the right ISO 20022 implementation approach for your institution.You will need to develop a holistic view of plans, regulations and projects relating to ISO 20022 based on accurate information and in-depth knowledge. This can be a complex and time-consuming task, which involves understanding your current and projected ISO 20022 needs as well as assessing the impact of technology.
Our ISO 20022 Impact Assessment Service for financial institutions can support your project by helping you build a future-proof ISO 20022 implementation roadmap. The service includes:
- A customised ISO 20022 landscape for your organisation. This includes a summary of the market infrastructures you will need to support – and when you’ll need to support them. It also details which customer requirements you may need or want to support, with a summary of related flows, functionalities and message types.
- A business and technology assessment. Comprising an analysis of your ‘as is’ operational model, the assessment also looks at operational flows and existing applications that may be affected by your ISO 20022 adoption. The assessment will also specify any new capabilities that will be needed.
- A description of your recommended business architecture, tailored to your organisation’s needs. We’ll also provide a recommended roadmap.
The service provides the following benefits:
- Enables you to make an informed implementation decision, based on your needs.
- Provides trusted advice, based on extensive experience and standards knowledge from the source.
- Allows you to reduce risk and costs by adopting a solid foundation for a cost-effective and efficient implementation.
ISO 20022 Solution Design Service
Once you understand the impact that ISO 20022 will have on your organisation, the next step is to take a holistic look at your enterprise architecture. Our modular solution design service helps you to ensure that your ISO 20022 infrastructure meets your current and future needs. Our approach examines four layers of your architecture:
- Business layer. We analyse how process changes can be implemented throughout the different systems and recommend an appropriate governance mechanism.
- Data layer. By harmonising and standardising the data model used, we make sure that all your applications build on the same concepts.
- Applications layer. We ensure that the changes will be implemented in the right place while achieving a balance between updating middleware systems and modifying back-office systems.
- Technology layer. Finally we stipulate that the appropriate technological solutions will be put in place to transport, store and process all data.
The service also provides you with specifications for your future ISO 20022 messaging infrastructure.
The benefits of the service are as follows:
- Helps you to prepare your architecture for upcoming ISO 20022 projects.
- Provides a pragmatic approach, scalable to meet your needs.
- Enables you to define a multi-year implementation roadmap.
For more information, contact your SWIFT account manager.