Finzly Empowers Financial Institutions with ISO 20022 Transition Readiness for Enhanced Payments

Finzly Leads the Way in ISO 20022 Transition

Finzly, known for revolutionizing payment infrastructures for financial institutions, has made headlines with its latest announcement: its customers have achieved readiness for the SWIFT MX ISO 20022 standard on its FX STAR platform. By making this progress, Finzly is positioning its clients at the forefront of the impending global shift in financial messaging standards.

This readiness allows Finzly's clients to adopt the new standards ahead of the mandated deadlines, thus enhancing their competitive advantage in the fast-evolving financial landscape. The FX STAR platform, a hallmark of Finzly's offerings, is designed specifically for foreign exchange and cross-border payments, and now supports ISO 20022 messaging. This transition to ISO 20022 — the global financial industry's new messaging standard — is critical as it facilitates improved data-rich interactions between banks, ultimately leading to better compliance and streamlined operations.

Enhanced Functionality of FX STAR

Finzly's FX STAR has been upgraded to natively process payment instructions, status messages, and statements as ISO 20022 MX messages. Unlike earlier systems that require legacy translation layers, this upgrade aligns with the modern architecture of ISO 20022. The transition ensures that users benefit from higher data transparency, improved risk management, and faster exception handling, which can significantly boost operational efficiency.

Booshan Rengachari, Finzly's founder and CEO, expressed his appreciation for the trust and collaboration displayed by Finzly’s clients throughout this process. According to him, the readiness milestone is a testament to the company's dedication to delivering innovative solutions and enhancing the operational capabilities of its partners.

“Achieving ISO 20022 readiness was a significant undertaking that our customers supported wholeheartedly,” Rengachari stated. “From flawless execution on major upgrades, including Fedwire and SWIFT, it reflects our commitment not just to operational excellence but to fostering tangible partnerships that inspire innovation.”

The Broader Commitment to Payment Modernization

Finzly stands committed to modernizing payment infrastructures across the industry. Its API-driven, cloud-native solutions extend beyond just foreign exchange and into embedded banking. These offerings allow financial institutions to effectively leverage modern capabilities in payments and improve customer service.

Banks and credit unions using FX STAR can transform ISO 20022’s extensive payment data into actionable insights. This capability can aid in spotting trade and supply chain opportunities more effectively, fostering quicker decision-making within operational frameworks. Moreover, for back-office teams, the infrastructure supports enhancing compliance and straight-through processing, optimizing workflow and further minimizing the risk of payment failures.

Amy Sahm, Senior Vice President at Fulton Bank, highlighted the strategic advantage of being ahead of industry deadlines. “Successfully testing and launching ISO 20022 on FX STAR well in advance not only showcases our operational readiness but also enhances our value proposition to clients,” she commented. “Finzly's professionalism and focus on collaboration were instrumental in achieving this milestone.”

As Finzly continues to shape the future of financial infrastructure, its recent strides emphasize its status as a leader in the payments arena. By enabling customers to process cross-border payments seamlessly with native ISO 20022 messages, Finzly is paving the way for enhanced banking operations in a rapidly changing world.

Notably, Finzly was among the pioneers to prepare its customers for Fedwire’s ISO 20022 migration earlier, enabling them to achieve nearly full straight-through processing. With its latest advancements for SWIFTMX readiness, Finzly underlines its leadership in payments technology, empowering banks and financial institutions to navigate and thrive in an increasingly complex global market.

About Finzly

Finzly’s dedication to transforming banking lies within its radical approach to technology solutions for financial institutions. With a platform designed to modernize payments and foreign exchange across diverse channels, such as ACH, Fedwire, and SWIFT, Finzly allows for intelligent payment orchestration and efficient operations. The ultimate goal is clear: to empower banks to launch new services swiftly in response to evolving consumer demands while simplifying implementation processes. Finzly's commitment to making the banking transformation not only achievable but also simple and effective can be explored further at their website, finzly.com.