Finzly’s FX STARTM has been updated for DTCC’s reporting requirements & SWIFT messaging changes
Original Press Release here.
CHARLOTTE, N.C. – Sep 29, 2022 – Finzly, a fintech provider of modern banking applications for payments, foreign exchange, trade finance and BaaS, announced today that it has updated its FX solution, FX STARTM, for DTCC reporting and SWIFT message changes to enable its customers to seamlessly transition into these new requirements.
Finzly is a pioneer in providing end-to-end FX solutions to many banks across North America. FX STARTM is a highly-commended solution that runs on a cloud-native platform, enabling banks to offer FX trading and international payments to their commercial customers.
In response to the new harmonized reporting requirements of DTCC, reports in Finzly’s FX STARTM platform have been updated to comply to the new regulatory global standards. The platform now supports the harmonized template’s message type changes to include “Trade State” and “Valuation” to reflect the final and current state of the trade for a particular day. Users and regulators will benefit from the daily Trade State Reports that reflect these new standards.
Additionally, FX STAR’s message interface has also been updated to support the SWIFT MT-MX migration. The update will ensure that banks can receive multiformat MX messages for Incoming Wires (pacs.008) from other ISO20022-compliant institutions and users. In readiness for the retirement of MT messaging service for cross-border payments scheduled for November 2025, banks have the flexibility to decide to remain an MT user, be a full ISO20022 user or opt to be a combination of both. Finzly is working with banks to meet the interoperability requirements and their migration schedules. While MT remains the default syntax for cross-border payments and reporting messages until November 2022, between then and November 2025, banks need to prepare for the coexistence period until their back office becomes natively ready to process ISO messages. Finzly’s product update will help banks receive the incoming SWIFT wires in multi-format MX messages.
“As true partners to our clients, we endeavor to simplify the transition to new regulations and standards. The migration to SWIFT MX messaging is already underway for incoming SWIFT wires, as it is widely requested by our clients, extending support to other message types in the next few months. By taking the lead on initiatives such as DTCC and SWIFT changes through our timely product updates, we ensure that we give our clients a leg up in building innovative banking services by converting these obligations to opportunities”, remarked Vijay Vardhan, VP of Products at Finzly.
Finzly’s payment systems are natively ISO 20022-fluent, giving banks a head start, whether it is the upcoming SWIFT and Fedwire migration or instant payments on the RTP and FedNow network.
Finzly provides the financial infrastructure for Banks, Fintechs, and Businesses to offer and access financial services in an open, connected, real-time, and embedded ecosystem. Finzly’s operating system for banks, FinzlyOS, acts as a parallel global transaction banking core and is cloud-based, real-time, and API enabled. With an array of readymade banking solutions including a multi-rail payment hub (ACH, Fedwire, RTP, FedNow, and SWIFT), foreign exchange, KYC, Risk, Compliance, and a suite of customer experience components, Finzly allows the building of programmable banks, also offering an easy way to launch Banking as a Service to fintech partners. To learn more, visit www.finzly.com