Shashi Suraj Jadhav
Senior Business Analyst, Payments, Synechron,
In today's digital age and world of complex payments, data security is more important than ever before. Fraud is a serious problem. ISO20022 is a new standard for financial messages that aims to fight fraud by providing a more secure and efficient way to send and receive payments.
ISO20022 is an international standard for financial messaging that aims to facilitate global interoperability between financial institutions. It is based on the XML (Extensible Markup Language) standard and comprises a set of rules for how data should be structured and exchanged. XML is a more secure and reliable way to exchange data than the traditional EDI format.
XML is also easier to read and understand, making it easier to detect and prevent fraud. ISO20022 is already being used by some of the world's largest banks and financial institutions, and is expected to become the new standard for payments worldwide.
ISO20022 is the most secure format available because it uses XML – the highly secure format that is difficult to hack or tamper with -- to format payment messages. In contrast, message structures, such as SWIFT MT, use a less secure format that is easier for hackers to exploit. This is why ISO20022 is the preferred format for payments today.
There are several reasons why the ISO20022 formats are more secure than older methods of payments and can help reduce the risk of fraud and ensure that payments are processed smoothly and efficiently:
Want to learn more about Synechron and its full spectrum of Payments capabilities, including more information about how your firm can best migrate to the ISO20022 financial messaging standard? Contact: Shashi.Jadhav@synechron.com