US-based modern money movement systems provider Finzly has been certified for compliance with ISO 20022 messaging standards for Fedwire . Following this announcement, the landmark accreditation will enable Finzly to transition to an improved payment processing strategy.

The provider of modern money movement systems is set to focus on meeting the needs, preferences, and demands of customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. More information on the announcement Finzly represents a provider of modern money movement systems that was designed in order to provide banks, businesses, and financial institutions with the possibility to securely offer and access financial services in an open, connected, and real-time ecosystem. The company also delivers to partners its FinzlyOS, a modern, cloud-based, API-enabled operating system that was developed as a parallel payment processing to a bank’s core system.

The ISO 20022 messaging standard was designed in order to develop and transform the financial services industry by giving financial institutions the possibility to optimise their payment processing, improve security, as well as deliver optimised automation and efficient integration with corporate financial systems. At the same time, ISO 20022 facilitates the secure transmission of crucial transaction information and data, alongside payments. In addition to Fedwire, Finzly’s ISO 20022 native platform was designed to encompass all other domestic payment rails, such as RTP, ACH, and FedNow.

The international payments made through Swift will be aligned with their forthcoming standards and regulations as well. This approach is set to underscore Finzly’s commitment to providing financial institutions and banks with a holistic and secure suite of modern payment services. As part of the phased testing and certification procedure, Finzly submitted 40 use cases to the Federal Reserve Financial Services, each of them meeting the certification criteria.

The company is expected to continue its strategy of delivering comprehensive solutions that ensure compliance, as well as multiple benefits that are associated with the ISO 20022 standard. This will include a wide range of banking solutions, such as a multi-rail payment for traditional transactions on SCH and wires, foreign exchange, trade finance, instant payments on FedNow and RTP, as well as commercial banking digital experiences. .