The B2 Group’s Global Transaction Services (GTS) Platform achieves ISO 20022 compliance
NCC Group assesses GTS to be compliant after rigorous testing of financial messaging capabilities
London and Luxembourg, 15 September, 2015. The B2 Group, provider of cloud based payments, investment funds and FX automation software and consultancy solutions for transaction banks, third-party administrators, fund companies and corporates across the globe, announced today that NCC Group Audit Limited has reviewed its GTS platform for conformity to ISO 20022 and considered it to be compliant.
The importance of standards for the financial services industry, and in particular ISO 20022, continues to gain momentum and support. In the payments value chain, organisations are realising the benefits of using ISO structures as they automate their payment processing and add value with enhanced reporting and cash management requirements.
“We are delighted that our GTS platform has stood up to the rigorous testing applied by the team at NCC Group. Through ISO 20022 compliance our messaging technology demonstrates to the market it is both robust and meets the demands of the complex world of payment automation,” comments Phil Boland, CEO, The B2 Group.
The highly functional GTS platform from B2 offers underlying functionality for numerous types of message, transaction and report processing, including:
- Transformation
- Validation
- Enrichment
- Reference data access
- Routing
- Audit trail
- Exception management
- Transaction Life Cycle Management
- Configuration of business rules and administration direct by bank or Corporate.
In the area of payment message automation there have been many challenges for banks and corporates. However, with ISO 20022, organising financial message definitions by business areas and associating four character codes, called business area codes, to each message type, there is a logical and more easily understood message identification approach linking the technical aspects of messaging to the business.
In the assessment of GTS for ISO 20022 compliance, the cycle of message production was tested from message creation, validation of use of approved code library, use of industry recognised SWIFT modelling tool, evidence of message transformation capabilities and comparisons with ISO 20022 standards. The results were considered by NCC Group to demonstrate compliance by GTS with ISO 20022. Message types are many and varied, some examples used in this exercise included, but were not limited to, pacs: Payments Clearing and Settlement; pain: Payments Initiation; and camt: Cash Management.
John Mundell, Sales Director at NCC Group, said: “Our responsibility is to ensure that we robustly review and evaluate organisations’ compliance with the ISO 20022 standards. We were satisfied from the evidence presented to us that the processes used in the GTS platform are compliant with ISO 20022.”
