How FINaplo Financial Messages and aplonHUB streamline payments and enhance financial messaging
The ISO20022 is here! Target2 migration came with a Big Bang this past Monday and banks should be able by now to receive cross-border payments in an ISO format. But the heavy work for these institutions to fully adopt ISO20022 is still ahead of us. The multi-format handling is just the current solution. A more broad and definite approach should be employed. There are two obvious choices - either to use a ready-made system to handle all your payment needs and capabilities, or enhance their current systems with critical components that simplify the proccess of exchanging ISO20022 messages.
That's where aplonHUB and FINaplo Financial Messages come in - two innovative payment solutions developed by Payment Components that simplify ISO20022 adoption for payments and enhance financial messaging. In this blog post, we'll take a closer look at these solutions and explore their benefits.
What is aplonHUB?
AplonHUB is a payments hub solution (recent article link for aplonHUB) that enables financial institutions to exchange financial messages in multiple schemes, including SWIFT MTs, SEPA, CBPR+, Target2, FedNow, MEPS+, P27, SIC/EuroSIC and more. It simplifies the payment process by offering a single point of access to multiple payment rails, reducing complexity and streamlining operations. The key benefits of using aplonHUB include:
- Increased efficiency: aplonHUB automates the payment process, reducing manual intervention and increasing processing speed. This not only improves efficiency but also reduces costs.
- Improved visibility: aplonHUB provides real-time visibility into the payment process, allowing financial institutions to track payments and monitor performance. This helps businesses to identify and resolve issues quickly and efficiently.
- Enhanced compliance: aplonHUB helps financial institutions to comply with regulatory requirements by providing a centralized platform for managing payments. This helps to reduce the risk of non-compliance and avoid penalties.
What is FINaplo Financial Messages (FINaplo FM)?
At the heart of aplonHUB, sits FINaplo FM. FINaplo FM is our advanced messaging engine that enables financial institutions to send and receive financial messages in a standardized format. It supports a range of message schemes, including SWIFT MTs, SEPA, CBPR+, Target2, FedNow, MEPS+, P27, SIC/EuroSIC and more, and can be easily integrated with existing systems. The key benefits of using FINaplo FM include:
- Improved accuracy and efficiency: With FINaplo SDKs, banks software teams and developers can easily and with confidence manipulate financial messages and cover ISO20022 requirements.
- Increased flexibility: FINaplo SDKs supports multiple message types and can be customized to meet the specific needs of each financial institution. This allows businesses to adapt to changing market requirements and stay ahead of the digital transformation challenge.
- Security & compliance: With FINaplo SDKs you can be sure that your messages will always be compliant with the latest rules and validations. So you are always on the safe and in time, with no need to commit valuable resources every time there are new changes on the payment schemes.
So are you ready to tackle the ISO20022 adoption challenges with a more definite solution?
Both aplonHUB and FINaplo FM are highly scalable solutions that can easily adapt to changing business needs and other regulatory requirements besides ISO20022 like Instant Payments, Request-to-Pay and more. These makes them ideal solutions for banks looking to future-proof their payment processing infrastructure and stay ahead of the curve.