Across the global payments and banking environment, there’s a vast plurality of financial messaging formats and standards in use today.
Different banks and different countries have their own sets of standards that are adhered to. However, not only individual countries have a variety of formats that are used both for executing payments and for information reporting, but even the same bank can require a range of different formats for the countries it operates in. And at the most granular level, there are also a range of proprietary formats that are used for different payment use cases, e.g. for domestic payments within a country, for cross-border payments within Europe, for cross-border payments globally, for domestic tax payments, or for HR payments.
There is a huge number of unique payment and statement formats globally and each one consists of different data and data sequences. While some of these formats conform to a similar standard, others do not, and even formats from the same standard have different versions in use. As a result, back-office systems might not be able to read, translate, or process all of them. This not only affects the speed in which payments are being executed. It also affects the visibility you have over your global cash status. And in addition, a lack of format compatibility within your global payments ecosystem can be a significant source of operational errors.
Learn more about how TIS helps companies maintain compatibility with all required formats and financial messaging standards in the below factsheet!