Testing Times: Making ISO 20022 testing the bedrock of payments infrastructure modernization
The international network of payment systems that serves individuals and companies is undergoing a necessary but challenging adjustment – adopting a new (-ish) set of electronic payment formats that will ultimately help improve financial services for all.
Payment System Operators (PSO) and Banks alike will be making fundamental changes to their core payment and settlement systems, a daunting prospect that extends to other systems that their clients depend on.
The goal? Nothing less than a consistent, seamless experience across multiple customer access channels … or, a digital experience.
Testing is always a critical part of any change programme, especially one involving critical infrastructure. But testing is unfortunately often treated as an afterthought. A dedicated, scalable ISO 20022 testing and simulation capability ensures greater operational resilience, and can even allow market participants to transition to the new message formats at their own pace.
Modernizing payments infrastructure is even becoming a competitive issue, as new and innovative players enter the payments market. On-boarding and connecting participants and customers efficiently, and allowing continuous independent testing, has taken on new urgency.
In this white paper we help to tackle three most common participant on-boarding and testing challenges. We will also demonstrate why it makes sense to adopt a robust, scalable testing approach.
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