ISO e-Bus to ISO 20022
Fulfilment and convergence to ISO 20022 payments
The Traderoot ISO e-Bus is an enterprise service bus (ESB) that enables diverse transaction stream integration to occur at the source.
The Traderoot ISO e-Bus product features:
- Real time data bus terminating on an ISO 20022 network
- Domestic, Regional & International
- Bespoke ETL, protocol, API support
- Plug-in work flow for AML/CFT
- Dashboard monitoring, notifications and alerts
- Full Reconciliation support
Traderoot as a certified TCIB integrator
BankservAfrica is the appointed TCIB Operator and Scheme Manager of the SADC Faster Payments Scheme known as TCIB Transactions Cleared on an Immediate Basis (TCIB). Traderoot Africa is formally certified by BankservAfrica as a TCIB Integrator to offer TCIB Integration Service to assist TCIB Members wishing to integrate and transact on the TCIB Payment Scheme.
Unified last mile integration to ISO 20022 payments
The Traderoot ISO e-Bus performs both pre-processing and post-processing for any payment stream data processed on domestic, regional and international Payment Market Infrastructure and enables real-time or batch-based transactions originating in Core Banking systems or Payment Hubs.
It serves a large group of stakeholders in the Payments Ecology. These include Regional and Domestic real time gross settlement (RTGS) operators, Regional and Domestic Automated Clearing Houses, System Operators and Financial/Payment Institutions.
ISO 20022 is fully supported as the generally adopted credit push message standard leveraged by most domestic faster payments schemes for example RPP (South Africa), STI (Angola) as well as regional faster payment schemes like TCIB (SADC) or international payment infrastructures like SWIFT. The e-Bus can perform common, central pre-and post-processing on key Anti Money Laundering (AML) and Countering the Financing of Terrorism (CFT) parameters stated by FATF-16 regulation.
The Traderoot ISO e-Bus is designed to receive both real-time transactions and transaction batches that use RTC, XML and JSON messages based on well known standards, file formats as well as legacy formats. These can be received through published APIs or conversion from source input, using configurable electronic ledgers (ETLs) that generate external recipient standard output or internal ISO standard for processing A typical application of this would be processing ISO 8583 from one participant and ISO 20022 for another.
All transactions that the e-Bus receives can be stored in a persistent store that is fully compliant with PCI standards. Reconciliation processing and outputs can then be initiated ISO e Bus is therefore agnostic of legacy payment channels for on/off ramp ISO 20022 payment networks. Additional channels and streams can be easily added and legacy ones can be easily removed.
Legacy to ISO 20022
The Traderoot ISO e-Bus TEP can perform the following integration functions across all payment channels spearheaded by ISO 20022 as the last mile:
- Integration to and from legacy Core Banking Systems (CBS) or Payment Hubs
- Conversions from Association (Visa, MasterCard and UPI) account-based payments and OCT/AFT
- Conversion from SWIFT MT series to SWIFT ISO 20022
- Compliance with the ISO 20022 standards and mandatory parameters
- Converting meta-data to mandatory protocol fields
- Existing RTC protocols such as Base24/ISO 8583
- Supporting Domestic, regional and International payments
- Provide API layers for legacy and ISO 20022 native
Scheduled reconciliation and reporting
Reconciliation processing, publishing and reporting can be configured to run at required intervals – hourly, daily or per settlement window. Across all payment streams, the e-Bus can:
- Provide low-order and high-order reconciliation, with workflow if required
- Annotate reconciled transactions with bank CIF information, fees, interchange, billing and settlement data
- Generate transactional information batches for mark-off or mark-up and publish them using formal protocols (such as Connect Direct, MQ, FTPs), independently of the payment stream
- Manage and maintain a reconciliation data warehouse
Real-time payments and risk
Payments in general are required to be real-time. Thus clearing networks are offering it to reduce fraud and risk whilst supporting customer satisfaction and the ISO e-Bus therefore:
- Promote straight through processing (STP)
- Maintain inbound risk, liquidity and currency limits
- Real-time Exposure and liability reporting
- Daily or monthly transaction volumes and values
- Publishing to external Business Intelligence (BI)
Compliance with regulatory mandates supporting international and regional payments includes and guard against CFT and grey payments to ISO E-bus assists with:
- FATF16 parameters of payer and receiver information
- Assisting with regional AML proxy derived from AML verification centres to support AML per transaction without costly lookups given ATV, currency and country for participants
- All domestic payment schemes are adopting ISO 20022 for the same regulatory benefit
The Traderoot ISO e-Bus solution provides a holistic view of the payments environment that enables the solution to perform settlement and billing, reconciliation, reporting, and publishing functions that are agnostic to the payment streams that originate the transactions.
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