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Coforge & Fiorano rolls out ISO 20022 Compliance as a Service (ICaaS)

By Gloria Mathias

May 21, 2024

  • America
  • Banking Solutions
  • Coforge
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CoForge, Fiorano, fintech news, Fintech solutions, Fintech India, ICaaS, Compliance solutions, Banking solutions, India ,America, USA FintechCoforge, a global digital services and solutions provider, has announced a strategic partnership with Fiorano to introduce ISO 20022 Compliance as a Service (ICaaS).

The ICaaS offering from Coforge & Fiorano is a comprehensive solution designed to streamline the migration process to ISO 20022 compliance, providing those organizations impacted with a seamless and cost-effective transition.

The comprehensive, end-to-end ISO 20022 Compliance as a Service (ICaaS) solution covers elements including ISO 20022 Process Consulting, Translation, Structured Data, Data Truncation Management, and Quality Assurance, ensuring a seamless and cost-effective transition for financial institutions at any stage of their migration journey. The services offered by ICaaS include specialized SWIFT-focused consulting, advanced migration tools, ISO 20022 data products, and robust end-to-end testing services, tailored to meet the unique needs of each institution.

Gautam Samanta, President and Global Leader of Banking and Financial Services at Coforge, said, “We believe the implications of ISO 20022 go beyond mere cross-border and high-value payments; they permeate critical financial domains, influencing securities and trade finance. The ICaaS solution developed by Coforge and Fiorano is not just a service; it’s a commitment to empowering financial institutions with the knowledge and tools necessary for informed decision-making in the realm of structured payments.”

Biju Suresh Babu, Managing Director of Banking & Financial Services, Fiorano, said, “ICaaS stands as a distinctive solution poised to expedite the adoption of ISO 20022 in the financial ecosystem by bringing together tools, infrastructure, and expertise into a single, easily accessible platform. Leveraging Coforge’s extensive experience with central and commercial banks, coupled with Fiorano’s expertise in cloud-native integration, payments orchestration and ISO 20022 data, our primary focus is to guide financial institutions through a seamless transition, minimizing disruptions to their systems.”

ICaaS is being made available at a time when global central banks and regulators are increasingly seeking the use of structured data (including structured postal addresses) to align with standardization and payment harmonization efforts, including the G20 cross-border payments roadmap. Coforge, in partnership with Fiorano, has adopted a transformative approach to scaling and expanding.

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