Volante Technologies and KPMG expand ISO 20022 provisions
14 July 2023 US
Image: boyhey/stock.adobe.com
Volante Technologies has expanded its partnership with KPMG, developing a maturity model for payment service providers to determine banks’ readiness to process ISO 20022 messages and meet industry mandates.
Once participants have completed a survey, they will be given a report explaining their position in the ISO adoption process, providing guidance on how to reach the next level of maturity and offering the option of individual consultation with Volante and KPMG to further review their results.
The initial partnership between the two firms began in 2022, with the companies offering ISO 20022 and real-time payments diagnostics to the industry. With this new offering, the organisations aim to help banks and financial institutions to migrate their systems and processes.
Courtney Trimble, principal and global head of payments at KPMG, says: “ISO 20022 is a watershed moment and represents the biggest overarching change that we have seen in payments. Organisational-wide impact will be felt across a financial institution's payments ecosystem which must be addressed to move to the new standard before the industry mandate.
“With the maturity model, firms can assess the readiness of their payments ecosystem against the new ISO 20022 standard, including their payments platforms, interfacing system, and integration layers."
Jim Chow, vice president of partnerships and business development at Volante Technologies, comments: "[We are] offering ISO 20022 benchmarking and custom guidance, enabling banks to deal with this seismic change affecting every area of the payments ecosystem. This maturity model helps financial institutions as they seek to adopt the new format and make the most of the additional data in the ISO 20022 message structure."
Once participants have completed a survey, they will be given a report explaining their position in the ISO adoption process, providing guidance on how to reach the next level of maturity and offering the option of individual consultation with Volante and KPMG to further review their results.
The initial partnership between the two firms began in 2022, with the companies offering ISO 20022 and real-time payments diagnostics to the industry. With this new offering, the organisations aim to help banks and financial institutions to migrate their systems and processes.
Courtney Trimble, principal and global head of payments at KPMG, says: “ISO 20022 is a watershed moment and represents the biggest overarching change that we have seen in payments. Organisational-wide impact will be felt across a financial institution's payments ecosystem which must be addressed to move to the new standard before the industry mandate.
“With the maturity model, firms can assess the readiness of their payments ecosystem against the new ISO 20022 standard, including their payments platforms, interfacing system, and integration layers."
Jim Chow, vice president of partnerships and business development at Volante Technologies, comments: "[We are] offering ISO 20022 benchmarking and custom guidance, enabling banks to deal with this seismic change affecting every area of the payments ecosystem. This maturity model helps financial institutions as they seek to adopt the new format and make the most of the additional data in the ISO 20022 message structure."
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