ISO 20022 Simulator | Synechron

ISO 20022 Simulator

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.

KEY FEATURES & BENEFITS

  • Provides end-to-end implementation of migration tools to best enable the ISO 20022 messaging transition
  • Allows for enhanced capabilities that some competitors lack, such as providing a white label solution, and a modular structure and convenient integration using APIs
  • Validates through field-level testing and validation of outgoing messages
  • Simulates both incoming messages and responses to outgoing messages
  • Leverages a cloud-enabled, microservices architecture that can easily integrate with large enterprise environments to scale and perform
  • Enables use-friendly interfaces for business analysts or test engineers to create test scenarios and generate single or bulk payment messages
  • Users can configure business rules for specific payment schemes and installations
  • Offers three ways to input inbound messages through the uploading of single or bulk XML/XL message files and manually created messages
  • Facilitates multiple reporting functions and a user dashboard to provide a complete summary of user actions
  • A convenient dashboard shows the status of test messages – details of those completed, in-progress and failed; a timeline of specific payment messages created and run; and tracks recently created payment messages
  • Allows manual entry of information on an inbound message in ISO format to validate the message
  • Offers downloadable reports of payment messages test runs
  • Can be deployed for use in conjunction with existing bank applications, including a payments platform and a payments gateway
  • Inbound payment messages can be tested as to whether messages are received from a bank or other financial firm in the ISO 20022 message format
  • Validates and details all failures of messages attempted for better error remediation
  • Produces a post-validation summary of all payment message files successfully submitted
  • Allows for re-uploading of message files for revalidation
  • Provides digital overlay services
  • Facilitates a data-rich real-time payments network and request to pay options
  • Offers greater interoperability through a rich XML format

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