ISO 20022

Dec 01, 2024 – The global banking industry’s shift to ISO 20022 is a once in a lifetime change to payment standards. ISO 20022 is an open global standard for financial information. It provides consistent, rich and structured data that can be used for every kind of financial business transaction. The ISO 20022 messaging standard enables more granular data, a higher level of transparency, better analytics, and opens the potential for automation and real-time payments. While these requirements are a large and positive step forward in payments, they also created many challenges and training needs for banks around the world.   

GIFTSOFT is excited to announce that all our clients are certified for Fedwire ISO 20022 with new modern screens and software updates optimized for new ISO standards, delivered well ahead of the March 2025 Federal Reserve Board deadline. Earlier this year, we certified our CHIPS ISO 20022 clients, also ahead of schedule.  

At GIFTSOFT, we are committed to delivering world-class customer support and innovative solutions that meet the evolving needs of the banking industry, as well as our clients’ specific needs. We were able to deliver these updates quickly and efficiently because of our specialized expertise and dedicated support in payment processes, banking operations, compliance, and the technology stacks used across our clients. GIFTSOFT’s model has always been customer-first, with a singular goal of optimizing our clients’ payment systems and compliance needs. 

Below are a just few examples of the type of client feedback we get on a regular basis:

Moving forward, many banks will have post-ISO 20022 business requirements, add-ons, and customizations due to what this messaging standard unlocks. With richer payments data, banks will have new reporting requirements and regulatory expectations. ISO 20022 will increase competition for banks to provide clients with faster payment processing and more transparency. Banks will also look for ways to reduce costs by automating many aspects of transaction processing and monitoring. By November 2025, all financial institutions participating in SWIFT are required to fully migrate to the ISO 20022 messaging standard.

All of these are key initiatives that GIFTSOFT is already fully engaged with and ready to deliver on. 

As a team made up of senior banking and software professionals, we welcome any bank looking for a greater level of industry expertise, dedicated service, and a fully ISO-ready product that can address both today’s needs and future use cases.  

Please visit our Contact page or email us at sales@giftsoft.net to learn more.