ISO 20022 is an ISO standard for electronic data interchange between financial institutions.
i-Con’s ISO20022 solution provides an Automated Transfer System (ATS) that comprises of a Real Time Gross Settlement (RTGS) system and Automated Clearing House (ACH) modules.
This means that a Clearing House can receive Bulk Direct Debit, and Credit Transfer, files from other banks as XML files that are based on ISO20022 Standards. After processing the corresponding debit and credit files are sent to the participants in order to post the bulk transactions to the Core Banking System. This solution caters for both Incoming and Outgoing ISO20022 transactions, and is capable of clearing and settling all interbank electronic payments irrespective of value, or level of urgency.
Automated Transfer System (ATS) is a Reserve Bank driven project of creating a local electronic payment system consisting of RTGS, Automated Clearing House (ACH) and Central Securities Depositary (CSD).
The ATS will comprise of a real time gross settlement (RTGS) system and automated clearing house (ACH) modules. It will therefore be capable of clearing and settling all interbank electronic payments irrespective of value or level of urgency.
The solution catered for both Incoming and Outgoing ISO20022 EFT’s.
The Clearing House would receive the Bulk Credit Transfer files and Bulk Direct Debit Files from other banks as an XML file which is based on the ISO 20022 Standards. Once the Clearing House accepted these XML files from Other Banks, the clearing house will send the corresponding debit and credit files to participants in order to post the bulk transactions to the Core Banking System.
For outgoing EFT’s, the teller invokes the Outgoing EFT Payments from the Menu. The teller captures the transaction information with External Bank Information. On successful Authorization of Transaction, Teller provides the Deal slip(s) to Customer.