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Finzly , the pioneering provider of modern money movement systems to financial institutions, has announced its achievement as one of the first Third-PartyService Providers (TPSP) to be certified for compliance to ISO 20022 messagingstandards for Fedwire.
The certification, which enables and supports compliance to ISO 20022 messagingstandards for Fedwire, applies to four of Finastra’s payment processing solutions, facilitating increased innovation for financial institutions across the United States.
The Payments Market Practice Group asked the Federal Reserve to reassess its approach to the project, which involves a three-phased migration to the ISO 20022 messagingstandard for the Fedwire Funds Service. The industry group prefers same-day implementation. .
Payment System paper, in which the Fed outlined initiatives for the payments industry and its stakeholders to promote progress. For the Fed, progress means improving the speed, security and efficiency of the payments system, and to focus on international payments capabilities and promote collaboration within the field. Efficiency.
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