Faster Payments (FPS) migration to ISO 20022
FPS migration to ISO 20022 – The solution right now
The UK’s Faster Payments scheme have announced that they plan to migrate its existing ISO 8583 message protocol to the internationally recognised ISO 20022 standard.
This is an important step for this format and affects the worldwide usage of this standard. The idea is to make payments more streamlined by using the ISO 20022 model allowing new participants to join and communicate with more ease than their current model which is based on the ISO 8583 standard and would not only replace the current FPS standard but also the BACS standard.
To aid this migration the FPS released an interactive standards model which allows developers to map from FPS and BACS to ISO 20022
Transformer already has pre-built libraries that include the IS08583 (including FPS and BACS) and ISO 20022 and we have created a pre-built mapping library that allows users to communicate via these messages to allow the seamless migration to this new world view by the Faster Payment Scheme.
Why build something when you can leverage a world-renowned solution right now?
The most complete description of the FPS standard
Transformer’s library captures every detail of each ISO 8583 variant (and UK FPS) down to a sub-field level and presents it in a business-friendly way. It is available for immediate deployment – ideal for real-world project needs.
Interpretation of the bitmap is built into the library, so when an ISO 8583 message is presented to Transformer it will immediately show the user which fields are relevant via the GUI and apply the relevant field level validation which applies for that particular message.
Trace appreciates that the use of these message formats is often subject to bilateral variation and redefinition and as with all of our products the library can be tailored to specific needs if required. We have found this is particularly useful when dealing with the UK FPS.
Having such a strong yet flexible representation of the data format will give you a real head start in meeting your business objectives.
Transformer is the strategic answer to ISO 20022
All of these resources combine to ensure that Transformer the most powerful way to handle advanced standards such as ISO 20022 and enable projects to build solutions that are delivered fast, to a high quality, and which stay maintainable in the longer term.
To find out more or arrange a demonstration either online or in your office, please contact us