ISO 20022 Readiness

As financial institutions and corporates are moving toward a global standard for engaging in message-based communication, disruptions in the transaction processing space seem inevitable.

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

Adopting 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.

MX Message Library
ECS offers MX Message Library that allows messages to be created in MX formats and also aids in converting messages from/to MX formats.

MT/MX Converter
Widely used messages can be readily converted from MT to MX and vice versa. There may be some configuration work required when institutions deviates from the recommended usage of MX fields.

Preserving Surplus Data
Excess data in the ISO 20022 messages are never lost. Downstream applications can be catered using subsets of data. Golden copies of original data are stored for audit purpose while its parsed components can cater to the needs of other interested parties.

MX Message Conversion as a Service
ECS offers conversion of messages from/to MX standars as a service. The service can be utilized in a hosted or SaaS model.

Certification
ECS is certified by SWIFT for CBPR+ Readiness