Make a smooth transition to ISO 20022 MX messages with the IVP Cash Management Solution

The payment sector often undergoes rapid changes and today is no exception. Previously, wire transactions were conducted with SWIFT MT messages that used set characters and carried limited data, making them unsuitable for comprehensive analysis of payments. But the payments ecosystem is now facing increased pressure from regulators, more intense competition driven by new entrants, and rising customer expectations for instant, transparent, and seamless transactions.

As these dynamics shift and new channels and technology platforms emerge, it is clear that MT messages are quickly becoming obsolete.  

The alternative is ISO 20022 MX messages, which use advanced XML-based technology and incorporate a strong payments infrastructure that can solve a number of the challenges across the payments ecosystem. While there is an initial level of complexity associated with implementing MX messages, it eventually enables a more streamlined payments process. 

The IVP Cash Management Solution can help any firm make a smoother, easier transition to MX messages. Specifically, the IVP solution can help your firm:

1. Optimize switching costs. The IVP Cash Management Solution has a configurable rule editor for ISO 20022 messages that reduces the time and cost of setup for custodians, each of which may have unique requirements for tags and data.
2. Support MX and MT messages temporarily. IVP Cash Management Solution users can send both MT messages and MX messages until the coexistence period ends in November 2025.
3. Establish a safe and secure payments infrastructure. The IVP solution is highly secure, featuring an encrypted database and encrypted messages. It also supports end-to-end encryption for ISO 20022 MX messages.
4. Execute ISO 20022 implementation successfully. IVP has already helped multiple financial organizations implement ISO 20022 message encryption seamlessly, identifying and solving a range of related business problems.
5. Solve post-implementation issues. The IVP support team is available around the clock after implementation is complete to make sure your teams can generate and process payments efficiently.
6. Automate straight through processing. The IVP Cash Management Solution allows you to automate wire creation through bulk wire or trade ticket uploads. MX message tags are automatically configured to meet bank requirements for easier straight through processing.

The ISO 20022 go-live date for cross-border payments and reporting (CBPR) and coexistence starts in November of this year, which is why so many firms are rapidly transitioning to ISO 20022 right now. These and other firms are already benefitting from the efficiencies of ISO 20022 MX messages. 

To find out how the IVP Cash Management Solution can help you make an easier transition, download the FAQ document or schedule a live demo by contacting sales@ivp.in.

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