GPI is an initiative by SWIFT (Society for Worldwide Interbank Financial Telecommunication) aimed at enhancing the speed, transparency, and traceability of cross-border payments. It offers features like real-time tracking, end-to-end payment tracking, and same-day use of funds.
ISO 20022 is a universal financial industry message scheme. It defines a methodology for designing financial message standards. It’s gaining widespread adoption globally due to its rich data model and flexibility, allowing for more efficient and comprehensive financial messaging.
FileAct is a messaging service provided by SWIFT. It enables the secure, reliable exchange of large volumes of structured data between financial institutions and their counterparts.
MT (Message Type) refers to the SWIFT MT message format, which has been widely used for decades. MX, on the other hand, refers to the XML-based message format used in ISO 20022. Converting from MT to MX involves transitioning from the older SWIFT messaging standard to the newer ISO 20022 standard.
JSON (JavaScript Object Notation) is a lightweight data-interchange format. Converting from MT to JSON involves transforming SWIFT MT messages into JSON format, which can be more easily processed and integrated into modern software systems.
CBPR+ is an initiative by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) to enhance the efficiency and safety of cross-border payments. It focuses on improving transparency, reducing costs, and increasing access to payment systems.
End-to-end connectivity and solution testing are essential for ensuring the reliability, security, and compliance of financial messaging systems. This involves testing the entire process, from message creation to delivery, to ensure seamless communication between systems and compliance with standards and regulations. Automated testing tools and rigorous compliance processes are often employed to streamline testing and achieve certification.
SWIFT ISO migration involves transitioning from the traditional SWIFT MT messaging format to the ISO 20022 standard. It aims to enhance interoperability and data richness in financial messaging. This process includes adopting ISO 20022, mapping and converting messages, rigorous testing, and ensuring compliance.
Netlink offers a unique approach to building test strategies and solutions across various business areas. By leveraging a task-based team focus rather than relying on dedicated resources, Netlink can tap into a broader range of competencies, ultimately adding value and saving time, effort, and resources for banks, institutions, and vendors. This flexible approach allows for custom-tailored solutions to meet specific testing needs. Contact Netlink to learn more about how they can assist in solution testing and optimize your business processes.
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