XML ISO20022 in Asia
Objectives of the project
Our client is a multinational company that is active in both Europe and Asia. They wanted to send out a unique file format to all their banks, incorporating all local specifics, and receive rich reporting in XML format.
The company already implemented the XML format for the SEPA migration (SCT and SDD), and wanted to extrapolate the format to the rest of the world, in order to
- Benefit from the richness of XML format (including Chinese characters)
- Receive enhanced reporting
- Use a centralised banking communication system
- Phase out local formats
We started by making a cartography of the existing flows (local formats and payment methods). After a detailed comparison of the CGI standards for international payments and the local specifics of the banks and countries in scope, we defined a unique set of format rules that incorporated all these requirements.
We monitored the implementation and test projects with the banks and focused on increasing the STP rate.
Results & Added value
The client now has a unique payment format to all Asian beneficiaries (providers, wages, intercompany transfers…), fully supports Chinese characters and is compliant with all specific rules in China and India. We have improved the interpretation of the payment status reporting, resulting in higher STP rates and better exploitation of reporting data.
The full project was completed in less than a year.