Payments Modernization
The Challenges:
If you're feeling the pressure to find ways to reduce operations costs, comply with new regulations and improve straight-through processing (STP) efficiencies, you're not alone. Programs such as the Single European Payments Area (SEPA) and the European Payments Services Directive (PSD) are mandating the use of new messaging standards for payments, putting increased pressure on existing IT systems. The combination of all those factors have made payment modernization a top priority for many organizations.
The Solution:
The Progress Payments Modernization solution powered by our data interoperability products streamlines payments processes through financial messaging data interoperability tools with pre-built and maintained standards libraries for SEPA, ISO 20022, SWIFT, TARGET, STEP2, and legacy national ACH formats.
Rather than dealing with the costs and project delays of learning many financial services standards, hand-coding and testing schemas, transformations, and validation rules, the Payments Modernization solution lets you use model-driven tools to support legacy and new messaging standards, configure changes and specialize data for various payments processes. The solution provides “out of the box” high performance data validation addressing the challenges of today’s highly regulated financial services environment.
With the Payments Modernization solution in place, you will able to:
- Complete messaging projects on schedule. Using model-driven tools and pre-built financial standards data models eliminates the need for your team to hand-code messages, validation rules and test cases.
- Streamline yearly messaging updates. By in-sourcing messaging standards updates from Progress, change management is simplified.
- Reduce risks associated with failed transactions. With higher rates of automation and vastly improved data quality, errors are reduced along with the associated repair costs, leading to reductions in operational risk and reputation risk.
