Problem
In many years of SAP-based customer2bank integration projects we encountered a lot of banks still utilizing rather old and proprietary message formats. Trying to map these formats to the customers database often leads to inaccurate or lost information which in turn causes disruption and delays in the through-processing of the messaga at the bank.
Also development and mapping of these formats drives high costs and effort both at the bank and its customer making onboardings expensive and risky while causing a low acceptance of changes or the introduction of new message formats.
The problem in short:
To solve the above mentioned challenges we created the following vision:
Developing an all-in-one ISO20022 based program suite to solve the challenges of banks and industrial customers regarding B2B message automation.
The Financial Standard Messaging Suite (FSMS) is an artificial intelligence (AI)-powered, all-in-one program suite to create, validate and send payment and other messages based on the ISO20022 standard (www.iso20022.org). It is available as a standalone / desktop or SAP based version with the latter fully running on and integrating to all editions of the SAP S/4HANA Finance as well as SAP ERP Financial Accounting and Operations platforms.
It provides industry customers a means of creating and sending the latest or any other version of the ISO20022 message of their choice while validating it against ISO20022 standard and bank-specific rules. This way, customers can find any data error or inconsistency in their payment messages before sending it out to the bank or even find unwanted or undetected changes to their database!
Banks and financial service providers benefit from drastically reduced efforts and costs during customer onboarding as well as operational support as the required preconfigured message format can be implemented quick and easy as well as tested for correctness and completeness already at the customer. As a positive side effect, customer support obligations, incident response times and network load are minimized as virtually only correct messages are sent.
If you have any questions about our services and products, arrange an onsite or remote appointment, or report a bug or just want to give us feedback, please use our contact form, give us a call at +49-3921-72 59 312 or write an email to contact@fin-systems.de.