Finastra's Complete Transition to ISO 20022 Marks a New Era in Payments Innovation

Finastra's Transition to ISO 20022: A Game Changer in Payments

Finastra, a prominent name in financial services software, has reached a remarkable milestone. As of July 14, 2025, the company has successfully transitioned all its Payments customers to the Fed ISO 20022 standard. This significant move not only places Finastra and its customers at the forefront of payment processing innovation but also enhances efficiency, trust, and data use in transactions.

The shift to ISO 20022 comes as the payments landscape evolves rapidly, with institutions needing to adapt to stay competitive. Customers of Finastra now have the capability to process Fedwire transactions utilizing this advanced messaging standard—a notable upgrade from previous formats. As a result, financial institutions can deliver richer data to their clients, streamlining operations and creating a smoother customer experience.

An example of the benefits of this migration is highlighted by James Belliveau, Chief Information Officer at Berkshire Bank. He stated that Finastra's commitment and expertise ensured a seamless transition that unveiled new efficiencies in payment operations. The relationship extends beyond that of a vendor, positioning Finastra as a strategic partner dedicated to continuous success.

Earlier last year, Finastra became one of the first software entities to receive certification for ISO 20022 compliance specifically for Fedwire. This achievement set a new standard for operational excellence and compliance in the payments sector. Currently, Finastra manages about 25% of the total U.S. Fed volume—a testament to the trust that financial institutions place in its solutions. Globally, Finastra's clients process an impressive $7 trillion in payments daily, a figure that showcases the robustness of their technological framework.

Barry Rodrigues, EVP of Payments at Finastra, emphasized the importance of a customer-centric approach in navigating this critical transition. He mentioned that their unwavering focus on innovation and compliance has allowed them to guide clients through the entire process with little disruption. With the full migration to ISO 20022 completed, institutions can now expect to enhance their service offerings significantly, addressing customer needs more effectively.

Industry experts also recognize the magnitude of this change. Erika Baumann, Director at Datos Insights, views the transition to ISO 20022 as a pivotal moment for the entire payments industry. The adoption of this messaging standard not only modernizes operations but also ensures consistency across the global financial ecosystem. The potential for innovation increases as institutions can now provide faster and more secure payment services.

To ease the complexities inherent in modernization, Finastra offers solutions such as Payments To Go and Global PAYplus, designed specifically for both mid-sized and large financial institutions. These solutions provide adaptable pathways that help institutions prepare for ongoing regulatory and compliance requirements, ensuring they remain ahead of the curve in a fast-paced environment.

Overall, Finastra's successful transition to ISO 20022 positions its clients for a future ripe with possibilities, enabling them to meet evolving market demands and deliver exceptional payment capabilities. As the financial world continues to adapt and change, innovations like this will pave the way for better services, improved efficiency, and advanced regulatory compliance in the payments domain. Finastra's commitment to its customers and relentless pursuit of progress truly underscores its role as a leader in the financial technology space.

For more information, visit Finastra.