ISO 20022 supported!
ISO 20022 supported!
February 4, 2022
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A single language for the payment flows worldwide? ISO 20022.
Now supported by TxFlow.
The year 2022 will be crucial for banks, at a decisive moment to interconnect networks and countries transparently.
Following some major payment systems already fully migrated like CIPS (China) or NG-RTGS (India), many others will migrate to ISO 20002 in the months and years to come, including SWIFT (Global), Fedwire/CHIPS (USA) and Target2/Euro1 (Europe), as shown in the figure [1,2].
According to SWIFT [3], the usage of ISO 20022 will ultimately represent 79% of the world’s total high-value payment volume of settled payments today and respectively 87% in terms of value.
While generally supporting more structured and richer entity fields (e.g. creditor or debtor), many dialects of the standard will be used and with them various ways of populating those fields.
In short - Various structures, various data coverages.
➔ Challenges ahead for machine learning and processing
➔ Promise of ISO 20022 not fully leveraged
Our data pipeline TxFlow offers following features:
- Auto-detect if a raw message is MT or ISO 20022
- Extract all address fields in the message
- Geolocate and complete those address fields (!)
- Return a ISO 20022 message (or enriched JSON)
For any entity field present in the message, TxFlow will find it, geolocate it, complete its address, and possibly enrich it with geo-coordinates, all this on the cloud or on-premise…
Example (case unstructured input)
In:
Out:
Do you see the point?
Do you see the potential?
Let’s discuss your impact together.
Reach out to us: info@alpina-analytics.com
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Sources:
[1] https://www.compact.nl/en/articles/the-industry-challenge-towards-iso-20022-as-a-global-payments-standard/
[2] https://www.theasianbanker.com/updates-and-articles/feature-iso-20022-adoption-will-drive-100-stp-in-the-payments-ecosystem
[3] https://www.swift.com/resource/iso-20022-migration-study