Westpac New Zealand bank has onboarded financial software provider Finastra’s ISO 20022 compliance solution.
The solution allows Westpac to take full advantage of the messaging format and maintain compatibility with legacy formats, without having to overhaul its entire payments ecosystem.
Finastra is currently developing cross-border and domestic real-time gross settlement systems with its clients in anticipation of widespread market migration to ISO 20022.
John Forrester, head of payments at Westpac New Zealand, says: "With ISO 20022 set to replace legacy MT financial messaging formats, we were eager to find a fast route to compliance and leverage the richer data offered by the new MX format, whilst ensuring continuity for existing applications.”
Arun Kini, managing director for payments in APAC at Finastra, adds: "We are pleased to have helped Westpac New Zealand prepare for the new standard and leverage all the potential benefits for its end customers. The move from the pervasive MT formats and other proprietary standards to ISO 20022 has the potential to provide a step-change in levels of automation, transparency, interoperability, and data insights."
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