Payments and Cash Management
All those small differences...
While the global standardization efforts behind the SWIFT MT standards and more recently the ISO 20022 specifications have brought costs down significantly in the payments domain, there remains a lot of variations across markets, financial instruments and financial institutions. These are caused by a combination of local market regulation, constraints of back-office systems or commercial strategies of the financial institutions.
MyStandards makes it possible to bring everyone to the same page, not by creating "one size fits all" message definitions but by making sure everyone is documenting their variations consistently.
This is driving down onboarding and integration costs by standardizing the implementation processes.
Standardizing the way financial institutions document and distribute their guidelines is driving down implementation costs.
Benefits for the corporates
As a corporate wanting to do banking with multiple financial insitutions, you need first to understand the Message Implementation Guidelines (MIGs) of all the banks you want to work with. These are typically documented in different ways across a variety of incompatible documentation formats. It is very hard to understand quickly what you have to update if you want to start working with an additional bank.
Just going through an RFP process is taking a lot of time and once you get started with the implementation, you are embarking in a multi-months process with inadequate support and tools.
MyStandards can certainly help you in this respect by providing:
- One single place where you can obtain consistent information from the financial institutions.
- A common approach for MT and ISO 20022 standards.
- The existing market practice in the area (CGI)
- Business documentation consistent with the technical (machine-readable) view.
- Dedicated standards testing capabilities against the guidelines of your banks (Readiness Portal).
Benefits for the banks
As a bank, you want to make it as easy as possible for corporates to do business with you.
MyStandards and the Readiness Portal simplify customer onboarding and improve your customers' experience by making your implementation guidelines clearer, easier to implement, and more aligned to industry best practice.
Defining your guidelines in MyStandards provides your customers with on-line documentation, document download and machine readable formats (XML schemas) for implementation and does that consistently across the ISO 20022 and MT standards.
If you add to that the capabilities of the Readiness Portal, your customers will be able to check their readiness against your specific guidelines in fit-for-purpose Internet portals.
You also want to keep your costs down and increase your internal efficiency.
MyStandards comes with a great set of features that is making your standards management much simpler. You can start from industry practice when defining your guidelines and ensure compliance. When the standards evolve, you can take advantage of the impact analysis and migration features to keep your costs down. You can manage your own internal differences between markets and instruments with full clarity by using the powerful comparison features of MyStandards. Last but not least, with the Readiness Portal, you can make sure that your business documentation is in line with your implementation.