ISO 20022 Payments Message formats are driving real transformation
Banks across the globe are under pressure to modernize payments technology infrastructure (click here for a global market adoption timeline) in line with ISO 20022. While the ISO 20022 message standard is revolutionary and offers countless external benefits related to harmonization, integrating the ISO 20022 message format into existing environments can be complex, and there is much more to it than being just another IT project.
The agility, stability and scalability of underlying technology infrastructure banks chose to underpin these transformations will have a big-say in the resulting outcomes. If not managed correctly, risks include.
Complex and time consuming integrations
Limited-scalability
Data-loss, Truncation and Message-loss
Limitations and restrictions on your ability to enrich messages
Real-time capabilities: Transact and enforce changes without having to switch-off / reboot
High implementation costs
Potential lock-ins and restrictions enforced by closed platforms (e.g. character set language localizations for cross-border payments)
Fiorano ISO 20022 Accelerator Architecture Components
Overview
ISO 20022 Payments Message formats are driving real transformation
Banks across the globe are under pressure to modernize payments technology infrastructure (click here for a global market adoption timeline) in line with ISO 20022. While the ISO 20022 message standard is revolutionary and offers countless external benefits related to harmonization, integrating the ISO 20022 message format into existing environments can be complex, and there is much more to it than being just another IT project.
The agility, stability and scalability of underlying technology infrastructure banks chose to underpin these transformations will have a big-say in the resulting outcomes. If not managed correctly, risks include.
Complex and time consuming integrations
Limited-scalability
Data-loss, Truncation and Message-loss
Limitations and restrictions on your ability to enrich messages
Real-time capabilities: Transact and enforce changes without having to switch-off / reboot
High implementation costs
Potential lock-ins and restrictions enforced by closed platforms (e.g. character set language localizations for cross-border payments)
Fiorano ISO 20022 Accelerator Architecture Components
Fiorano ISO 20022 Accelerator (FIA) Infrastructure
Fiorano ISO 20022 Accelerator components are proven to support both short-term and tactical message and interface implementation projects as well as providing an ideal underlying technology framework for a more long-term and micro-service centric approach to ISO 20022 powered transformation.
Fiorano ISO 20022 Accelerator Infrastructure
Fiorano ISO 20022 Accelerator (FIA) Infrastructure
Fiorano ISO 20022 Accelerator components are proven to support both short-term and tactical message and interface implementation projects as well as providing an ideal underlying technology framework for a more long-term and micro-service centric approach to ISO 20022 powered transformation.
Fiorano ISO 20022 Accelerator (FIA) Infrastructure
Fiorano ISO 20022 Accelerator Brochure
Migrating to ISO 20022? Our Technology Simplifies and Accelerates Adoption.
Fiorano ISO 20022 Accelerator is tightly coupled with the Fiorano Hybrid Integration Platform that is pre-bundled with multiple adapters and connectors and facilities fast, code-less integration with multiple backend services and systems.
Fiorano ISO 20022 Accelerator is underpinned by our own FioranoMQ platform that guarantees message integrity, message delivery and message security. FioranoMQ supports high-speed, low-latency messaging for both Publish/Subscribe and Point-to-Point (cueing) benchmarks, rated at over 95,000 messages/second in close benchmark testing, outperforming competing products.
Message & service queuing, Orchestration and Straight Through Processing (STP)
FioranoMQ implements shared and replicated high-availability (HA) models with industry-leading performance levels to support Straight Through Processing (STP), that is critical to financial services. Loose coupling between underlying asynchronous integration and orchestration layers allows bi directional messaging and event flows through channels.
Message transformation & enrichment
Fiorano ISO 20022 Accelerator platform provides crucial, real-time message transformation and enrichment capabilities. Existing flows and endpoints can easily be componentized and configured to support ISO 20022, incorporating message enrichment where necessary
Increase capacity of legacy infrastructure to process additional data volumes (2x/3x) at faster speeds required by ISO 20022
Native abilities to work seamlessly across multiple disparate systems means Fiorano can function as real time rails for internal & external channels, APIs and instant payments. Underlying asynchronous messaging capabilities support variable timing out of the box, allowing senders and receivers to operate at different speeds, allowing each to run at maximum throughput, and helping to avoid throttling of legacy systems.
Key Features
Code-less integration across LOB systems:
Fiorano's ISO 20022 technology is tightly coupled with the Fiorano Hybrid Integration Platform that is pre-bundled with multiple adapters and connectors and facilities fast, code-less integration with multiple backend services and systems.
Fiorano ISO 20022 technology is underpinned by our own MQ platform that guarantees message integrity, message delivery and message security. FioranoMQ supports high-speed, low-latency messaging for both Publish/Subscribe and Point-to-Point (cueing) benchmarks, rated at over 95,000 messages/second in close benchmark testing, outperforming competing products.
Message & service queuing, Orchestration and Straight Through Processing (STP)
FioranoMQ implements shared and replicated high-availability (HA) models with industry-leading performance levels to support Straight Through Processing (STP), that is critical to financial services. Loose coupling between underlying asynchronous integration and orchestration layers allows bi directional messaging and event flows through channels.
Message transformation & enrichment
Fiorano's ISO 20022 platform provides crucial, real-time message transformation and enrichment capabilities. Existing flows and endpoints can easily be componentized and configured to support ISO 20022, incorporating message enrichment where necessary
Increase capacity of legacy infrastructure to process additional data volumes (2x/3x) at faster speeds required by ISO 20022
Native abilities to work seamlessly across multiple disparate systems means Fiorano can function as real time rails for internal & external channels, APIs and instant payments. Underlying asynchronous messaging capabilities support variable timing out of the box, allowing senders and receivers to operate at different speeds, allowing each to run at maximum throughput, and helping to avoid throttling of legacy systems.
