BANKING AND FINANCE
MODERN, FLEXIBLE, RESILIENT
The nancial world stands at the cusp of a digital revolution, with massive opportunities for those who are ready
OVERVIEW
The cross-border payment industry is undergoing signi cant growth, with an estimated increase in value from $150 trillion in 2017 to $250 trillion by 2027. The World Bank is monitoring the global average cost of sending a $200 international payment, which stood at 6.01% in June 2022, and aims to halve this to 3% by 2030.
The G20 has established a roadmap to enhance cross-border payments to meet this target, which includes adopting ISO 20022 as the global messaging standard, harmonizing approaches to data protection and privacy, and adopting common data sharing standards. The roadmap also explores ways to reduce frictions in cross-border payments by examining factors such as screening frequency, value thresholds, intermediary dependency, interlinking payment systems, and reciprocal liquidity arrangements.
Techwave offers various banking and nancial industry IT services and solutions to help companies navigate the challenges of the cross-border payment industry These services include ISO 20022 Payments Data Management, App Modernization, and API Ecosystem Management. With its team of professionals, including data management specialists with extensive experience in the Cross Border Payments domain and ISO 20022 messaging standards, and technology experts with expertise in cloud-native systems and solutions, Techwave is equipped to help companies effectively manage their payments data, transform their legacy platforms into cloud-native systems, and effectively manage their API ecosystems.
OUR SERVICES
At Techwave, we proudly offer unparalleled services and IT solutions for the banking and nance sector. Our unique combination of domain expertise, technological know-how, and exceptional delivery capabilities allows us to create customized IT solutions for nancial services tailored to meet each client’s needs. With a proven track record of success, we have established ourselves as the premier provider for forward-thinking nancial institutions. Our strategies and IT solutions for the banking and nance sector are designed to help our clients stay ahead of the curve. By harnessing the power of cloud computing and big data, our solutions will give you the tools to transform your decision-making processes, stay ISO 20022 compliant, and remain at the forefront of the ever-evolving nancial services industry landscape.
ISO PAYMENTS DATA MANAGEMENT
Financial services industry is eager to adopt ISO 20022 and implement best practices for payments data management to reap the signi cant bene ts of increased automation, faster processing times, improved reconciliation processes, reduced nancial crime risk, and enhanced data-driven insights. These advancements will help organizations stay ahead in the rapidly evolving world of nance and enhance their competitiveness in the marketplace.
Our team of highly skilled data management professionals, with extensive experience in the Cross Border Payments domain and a deep understanding of ISO 20022 messaging standards, is poised to provide top-notch payments data management services. With expertise in organizing, storing, and analyzing payments data, our team is equipped to deliver comprehensive, effective, and reliable nancial IT solutions for all your payments data management needs.
APP MODERNIZATION
G20 aims to lower the average payment cost by adopting common data sharing standards, ISO 20022. However, this implementation presents challenges for banks, payment service providers, and ntech rms still using outdated platforms.
Techwave offers a comprehensive solution to address this issue, leveraging its expertise in Cross Border Payments, ISO 20022 messaging, and technology. Our services aim to modernize legacy systems in the BFSI industry and transform them into cloud-native platforms.
API ECOSYSTEM MANAGEMENT
To streamline cross-border payments and minimize friction, banks and payment companies are exploring intermediary dependency, interlinking payment systems, and reciprocal liquidity arrangements. Compliance with regulations such as PSD2 is also a key concern for banks. To help meet these challenges, our team of technology experts offers a range of IT solutions for the banking and nance sector
With extensive experience in cloud-native systems and solutions and pro ciency in API ecosystem management, we are well-equipped to support your needs.
PAYMENTS
Cross Border Payments
Payment Acquisition
Multi formats Payouts
Settlements & Reconciliation
Corporate-Bank Interactions
APIs – B2B integrations
Funds Management
Push to Wallets
Push to Accounts
FINANCIAL MESSAGING
Message Validation
Data Enrichment
Transform Message
Message Flow
MT/MX Migration
Message Formats (ISO 20022, SWIFT)
Payment Rails
COMPLIANCE & REGULATION
Wire Transfer Regulation (WTR)
Sanctions Screening
Anti Money Laundering
Clink, ComplyAdvantage, Guvnor, Actimize, RHDM
FOREX
Cash Management
Treasury Management
Settlements
Margins & Quotes
Rate Streaming
Spot/Forward/Swap
APPLICATION MODERNIZATION WHITEPAPER
ISO 20022 adoption is a key enabler for Open Banking. ISO 20022 messaging standard improves the capture and transfer of data, making payments more e cient and faster, and allowing companies to have more complete, better organized, and standardized data. This will not only improve the end client experience but also provide opportunities for developing new products and services. Not limited to payments, ISO 20022 covers the entire spectrum of nancial messaging across Banks,Financial Services Companies, and Corporations.
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