What is FINplus?
FINplus is a dedicated service designed to enable financial institutions to exchange the ISO 20022 messages for securities and payments in a secure, cost effective and reliable way. It acts as a crucial communication backbone for the financial industry, standardizing and streamlining the flow of critical financial data.
Core Functionality of FINplus
The primary objective of FINplus is to provide a robust platform for financial institutions to manage their interbank communications. This involves:
- Message Exchange: Facilitating the transmission of financial messages between various institutions.
- Standardization: Utilizing the ISO 20022 standard, which is an internationally recognized format for financial messaging. This standard uses XML syntax, providing richer, more structured, and globally consistent data than older message types.
Specifically, FINplus supports the exchange of messages related to two key financial domains:
- Securities: Covering transactions and information about financial instruments such as stocks, bonds, derivatives, and other investment assets.
- Payments: Encompassing a wide range of payment instructions, status updates, and reconciliation messages for both domestic and cross-border transactions.
Key Benefits for Financial Institutions
The FINplus Service is engineered with specific advantages that are vital for the operational efficiency and integrity of financial institutions:
- Secure: It ensures that all transmitted financial data is protected through advanced security protocols, safeguarding against unauthorized access, data breaches, and cyber threats. This maintains the confidentiality and integrity of sensitive financial information.
- Cost Effective: By providing a unified and efficient messaging channel, FINplus helps institutions reduce operational overheads. It minimizes the need for complex, disparate systems and manual processes, leading to significant cost savings.
- Reliable: The service is built for high availability and dependable message delivery. This reliability is crucial in the financial sector, where timely and accurate information exchange directly impacts liquidity management, risk assessment, and customer satisfaction. Consistent uptime and guaranteed delivery prevent operational disruptions and ensure business continuity.
Why ISO 20022 Adoption is Crucial
The financial industry is globally moving towards the adoption of ISO 20022 as the universal standard for financial messaging. This shift aims to:
- Enhance Data Richness: Provide more granular and structured data within messages, improving analytics, compliance reporting, and fraud detection.
- Improve Interoperability: Enable smoother communication and processing across different financial institutions and systems worldwide.
- Future-Proof Operations: Position financial institutions to leverage new technologies and comply with evolving regulatory requirements that demand richer data.
By enabling the exchange of ISO 20022 messages, FINplus plays a pivotal role in helping financial institutions transition to and benefit from this modern standard.
Summary of FINplus Capabilities
| Aspect | Description | Value Proposition for Financial Institutions |
|---|---|---|
| Purpose | Exchange of ISO 20022 messages | Standardized, high-quality data for enhanced operations |
| Scope | Securities and Payments | Comprehensive support for core financial business lines |
| Key Attributes | Secure, Cost Effective, Reliable | Risk mitigation, operational efficiency, business continuity, trust |
| Target Users | Financial Institutions (e.g., banks, investment firms, payment service providers) | Tailored solution addressing specific industry communication needs |
