Nth Exception and IBM aim to reduce ISO 20022 Migration risk
Nth Exception announces availability of their ISO 20022 Migration Governance Tool on IBM zSystems, Red Hat OpenShift and IBM LinuxONE.
Banks globally are in the process of getting ready for ISO 20022 deadlines which start in November 2022. While several central translation options (in-flight translation / central translator / cloud-exposed API) are being implemented, enabling rapid compliance, managing data truncation remains an issue.
Common ISO 20022 data truncation risks include:
- Truncation of rich MX messages to their abbreviated MT versions, increasing the likelihood of data loss and broken payments
- For compliance teams, comparing truncated MT messages with their MX originals is almost impossible based on existing industry formats of ‘+’ and ‘.’
- Audit-related issues hamper traceability of payments
- Reduced ability to carry out compliance screening correctly – heightening compliance risks
- Reduction in STP rates
ISO 20022 specialist Nth Exception introduces Pamir – ISO 20022 MGT which taps into the computing power and resources of the IBM zSystems and IBM LinuxONE platform to help drive business transformation and govern critical Governance, Risks and Compliance aspects of ISO 20022 migration.
Key highlights of the cloud native platform include:
- ISO 20022 messages stored in a native ISO 20022 & JSON format
- Long-term, permanent, internal archive (7 years) of MX and MT message pairs
- Real-time, always-available access for operational and compliance teams to search, query and report from this archive, across MT and MX message sets
- Transparency and opportunities for automation and machine-learning, on MX data
Hybrid cloud approach provides flexibility for the financial services industry.
Nth Exception’s ISO 20022 MGT product enables banks and financial institutions to comprehensively enforce ISO 20022 related payments governance through detailed tracking of scheme and message level implementations, mitigating the risk of data loss & truncation as messages pass through multiple channels, thereby complying with the requirements of regulators. Banks and financial institutions can also track the reasons of truncation and aim to resolve the same during migration journeys.
This is an exciting opportunity for banks, financial institutions and corporations, as Pamir MGT also allows them to extract value out of rich MX data and build models for return of investment while driving customer-centric innovation. Teaming with IBM allows Nth Generation to provide a secure, scalable and compliant SaaS solution on a highly secure and scalable operating system for running mission critical applications.
IBM’s hybrid cloud approach on IBM zSystems and IBM LinuxONE with Red Hat® OpenShift®, gives businesses the flexibility to choose where to deploy workloads, on-premises, on private or public cloud. Enterprise qualities of IBM zSystems and IBM LinuxONE, including best-in-class uptime, security and performance are vital for today’s most critical workloads. With the IBM LinuxONE Partner Network (LPN) program, IBM has been working closely with ISVs to ensure applications developed for these platforms provide additional value to customers.
By tapping into the strengths of the IBM zSystems and IBM LinuxONE’s computing power and resources Nth Exception’s Pamir ISO 20022 Migration Governance Tool offers a secure, scalable environment for the underlying transformation processes organizations are embarking on to deliver payments innovation.