End-to-end validation and simulation of data-rich payment messages in ISO 20022 formats for heightened interoperability across global financial firms
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Our PayTech Accelerator ISO 20022 Simulator solution is a valuable tool used to test the payment application of a financial services firm for compliance with the upcoming ISO 20022 electronic messaging standard.
This messaging standard -- which phases in for SWIFT from November 2022 and becomes mandatory in November 2025 -- will provide a single set of defined messaging standards and seeks to enable interoperability across payment schemes in cross-border and high value payments. Our ISO 20022 message simulator testing solution uses a central data repository, and data modelling methodology using the XML language. Synechron’s proprietarily developed ISO 20022 Simulator is a tool developed to help product owners, financial institutions and corporates test their own systems and payment solutions, as they move towards ISO 20022 standards. Synechron’s custom-developed ISO 20022 Simulator includes provisions for simulation, validation, configuration of business rules and reporting. Synechron’s solution offers more features and is more cost-effective than currently available tools in the market.