Financial Technology service provider, ECS fin, announced it has achieved Fedwire ISO 20022 certification after completing Fedwire’s DIT2 Certification Testing. This milestone underscores the capabilities of ECS Fin’s IMS for seamless end-to-end transaction processing, fully adhering to Fedwire ISO 20022 rules and standards.
As a certified FedLine Direct Solution Service Provider, ECS Fin enables banks to connect directly with the Federal Reserve for streamlined Fedwire transaction processing. Banks with their own FedLine Direct connections can also utilize ECS Fin’s IMS Payments application to handle all workflows of Fedwire ISO 20022 transactions and use cases.
With the Federal Reserve’s transition to ISO 20022 scheduled for March 10, 2025, financial institutions must prepare their systems for compliance. Rigorous testing deadlines have been set to ensure a smooth implementation, highlighting the need for a capable and experienced solution provider.
“The path towards ISO 20022 adoption is intricate, demanding strategic planning and exhaustive testing to guarantee system readiness,” said Arul Santhosh, Executive Vice President of ECS Fin. “We are prepared to extend the advantages of this new messaging standard for a seamless onboarding process and operational readiness.”
ECS Fin’s recent certification positions it as a key player in facilitating the transition to ISO 20022, ensuring financial institutions are primed for Day 1 readiness and can leverage the new messaging standard effectively.
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