Banks globally are in the process of getting ready for ISO 20022 deadlines which start in November 2022. While several central translation options are being implemented (in-flight translation / central translator / cloud-exposed API) enabling rapid compliance, data truncation remains an issue.
ISO 20022 Data Truncation Risks:
- Increased risk of data-loss due to the truncation of rich data messages to their abbreviated versions. Compare truncated MT messages with their MX originals is almost impossible with the current industry format of ‘+’.
- Audit-related issues such as hampered traceability of payments.
- Reduced ability to carry out Compliance Screening correctly – heightening compliance risks.
- A Reduction in STP rates.
Along with IBM, ISO 20022 specialist Nth Exception introduces Nucleus.
- Stores ISO 20022 in a native ISO 20022 format.
- Provides a long-term, permanent, internal archive (7 years) of MX and MT message pairs.
- Provides Operational and Compliance teams a real-time, always on access to search, query and report from this archive.
- Provides more transparency and opportunities for automation, beyond compliance.
Nucleus enables banks and financial institutions to enhance their ISO 20022 migration governance by detailed tracking of scheme and message level implementations, mitigating the risk of Data loss because of Truncation as messages pass through multiple channels thereby complying to the requirements of regulators.
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Nth Exception
71-75 Shelton Street, London, Greater London, United Kingdom, WC2H 9JQ
info@nthexception.com
https://www.nthexception.com/
71-75 Shelton Street, London, Greater London, United Kingdom, WC2H 9JQ
info@nthexception.com
https://www.nthexception.com/