Payments Modernization
Improve Straight-through Processing Efficiencies and Boost Regulatory Compliance
The Challenges:
The Single European Payments Area (SEPA) and Payment Service Directive (PSD) mandates set forth a new set of messaging standards for payments. If you operate, or have commercial relationships in Europe, your company is subject to this new regulation. While complying with the mandate will be costly—requiring application upgrades, integration with custom/legacy applications and the adoption of new architectures—it is also an opportunity for you to increase your operational efficiencies. Payment modernization not only aids regulatory compliance and improves straight-through processing (STP) efficiencies, it will also reduce your operational costs.
The Solution:
Progress Payments Modernization streamlines payments processes through financial messaging data interoperability tools with pre-built and maintained standards libraries for SEPA, ISO 20022, SWIFT, TARGET, STEP2, and legacy national ACH formats. Organizations using Progress have had their payments processing implementation costs cut in half. Rather than dealing with the costs and project delays of learning many financial services standards, hand-coding and testing schemas, transformations, and validation rules, the Payments Modernization solution will enable your developers to:
- Use model-driven tools to support legacy and new messaging standards
- Configure changes and specialize data for various payments processes
- Use “out of the box” high performance data validation
