Greater Noida, India, 17th May 2024 – Coforge Limited (NSE: COFORGE), a global digital services and solutions provider announced a strategic partnership with Fiorano to introduce ISO 20022 Compliance as a Service (ICaaS). As of March 2023, ISO 20022 has been live on the SWIFT cross-border payments network. Multiple domestic market infrastructures are also making substantial progress toward the complete adoption of this new payment message standard by the end of 2025. The migration is not just a step towards enhanced efficiency but a foundational pillar in the burgeoning world of digital currencies. However, migrating to ISO 20022’s unique requirements can be complex. The ICaaS offering from Coforge & Fiorano is a comprehensive solution designed to streamline the migration process to ISO 20022 compliance, providing those organizations impacted, with a seamless and cost-effective transition.
The comprehensive, end-to-end ISO 20022 Compliance as a Service (ICaaS) solution covers crucial elements including ISO 20022 Process Consulting, Translation, Structured Data, Data Truncation Management, and Quality Assurance, ensuring a seamless and cost-effective transition for financial institutions at any stage of their migration journey. The services offered by ICaaS include specialized SWIFT-focused consulting, advanced migration tools, ISO 20022 data products, and robust end-to-end testing services, tailored to meet the unique needs of each institution.
Gautam Samanta, President and Global Leader, Banking and Financial Services, Coforge, said, “We believe the implications of ISO 20022 go beyond mere cross-border and high-value payments; it permeates critical financial domains, influencing Securities and Trade Finance. The ICaaS solution developed by Coforge and Fiorano is not just a service; it’s a commitment to empowering financial institutions with the knowledge and tools necessary for informed decision-making in the realm of structured payments.”
Biju Suresh Babu, Managing Director Banking & Financial Services, Fiorano, said “ICaaS stands as a distinctive solution poised to expedite the adoption of ISO 20022 in the financial ecosystem by bringing together tools, infrastructure, and expertise into a single, easily accessible platform. Leveraging Coforge’s extensive experience with central and commercial banks, coupled with Fiorano’s expertise in cloud-native integration, payments orchestration and ISO 20022 data, our primary focus is to guide financial institutions through a seamless transition, minimizing disruptions to their systems.”
ICaaS is being made available at a point when global central banks and regulators are increasingly seeking the use of structured data (including structured postal addresses) to align with standardization and payment harmonization efforts, including the G20 cross-border payments roadmap.
Edward Davies, Senior Vice President, Coforge said, “While ISO 20022 brings a lot of value in terms of enhanced data quality, efficiency and overall customer experience, the regulatory compliance deadline of 2025 & 2026 will force a lot of banks to go for quick-fix measures. At the start of 2023, we committed to our banking customers and have invested a lot in coming out with a packaged solution to fast-track this journey in a much more economical and robust manner. Fiorano’s ISO 20022 SWIFT-certified accelerator sits at the heart of it. We are thrilled with this partnership and much look forward to supporting our joint customers across the globe.”
Coforge in partnership with Fiorano has adopted a transformative approach to scale and expand. To reduce the overall complexity, Coforge has developed a comprehensive ISO 20022 testing scenario repository improving efficiency up to 50%, and reducing the time taken to scale capabilities across markets and channels.