In the ever-evolving bank connectivity landscape, it’s important to get ahead of regulation,
risks and customer expectations. Learn to navigate with our top tips.
STAY AHEAD OF
BANK CONNECTIVITY
TIP SHEET
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Message exchanges are undergoing a significant shift with the introduction of the ISO 20022 regulation. Message formats are migrating from SWIFT MT to ISO 20022-compliant XML message. The adaptation of your processes can be especially challenging if managed internally.
By outsourcing your ISO 20022 migration, you avoid the time and cost of development, while benefitting from a service that specializes in delivering message compliance.
OUTSOURCE ISO 20022
Managing multiple bank connections can be challenging, manual, costly and time intensive. Nuanced requirements across your various connectivity partners further exacerbates these impacts on your business. By selecting a bank connectivity partner, you will benefit from a streamlined service – enabling bank connections to both your SWIFT partners and non-SWIFT partners from a single relationship. Service bureaus manage all of these diverse requirements on your behalf.
BANK CONNECTIVITY
By automating and digitizing elements of the payments process, you’ll find it far easier to foster better relationships with customers, investors and clients. There are several ways you can deliver on the demands of this trend to achieve just that.
Automatic payment tracking through SWIFT gpi allows banks to have complete visibility and provide payment tracking information to their customers. A SWIFT service bureau connects your back-end systems,
giving you streamlined access to the SWIFT gpi Basic Tracker via SWIFT infrastructure and providing total automation in your organization.
DIGITIZATION AND AUTOMATION
Treasury and payment solutions require secure and compliant connections to banking partners. Having to manage multiple connectivity channels and abide by different security protocols from various banking partners increases risk, and therefore puts greater pressure on maintaining compliance standards.
Maintaining your own proprietary infrastructure also means having internal specialists to take on all the work and manage risk by themselves. When you outsource, you can rely on a single secure channel to connect to banks and service providers. You can take comfort in receiving the full end-to-end managed service to handle administration of security, audit and compliance requirements.
COMPLIANCE
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FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world’s economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, system performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index.
About FIS
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FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index.
About FIS
- Pontus Eriksson, Strategy Director, FIS.
“As CIO and CTO, you can’t afford to get left behind – your competitors are already tapping into cloud, blockchain and AI. You need to innovate more than you usually do, which means adjusting your mindset and your spend – sometimes you need to invest to divest your legacy technology and free up capital.”
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Get in touch to learn how FIS® SWIFT Services can help you achieve all this today.
Are you ready to get ahead of regulation, risks and customer expectations, while streamlining your bank connectivity and reducing costs?