Westpac New Zealand has partnered with Finastra to accelerate its compliance with the ISO 20022 payments standard. By deploying Finastra’s technology, Westpac aims to leverage the benefits of the data-rich MX messaging format while ensuring compatibility with legacy messaging systems.
Facts
- Westpac NZ has selected Finastra to facilitate its ISO 20022 compliance for payments.
- Finastra’s technology enables Westpac to utilize the advantages of the data-rich MX messaging standard.
- The deployment ensures backward compatibility with legacy messaging formats, eliminating the need for a complete upgrade of Westpac’s payments ecosystem.
- ISO 20022 is a global standard for exchanging financial messages, including payments, promoting interoperability, straight-through processing, and data quality improvement.
- The adoption of ISO 20022 offers benefits such as increased efficiency, transparency, faster and cost-effective transactions, and the potential for real-time payments and enhanced fraud detection.
- Finastra’s Managing Director for Payments in Asia Pacific, Arun Kini, highlights the potential for higher levels of automation, transparency, interoperability, and data insights with the transition from legacy MT formats to ISO 20022.
