CASE STUDY
Payment integration in ISO 20022 standard for an international financial institution
Challenge
An international financial institution managing payroll settlements for employees across multiple countries needed to standardize and automate the payment transmission process to banks. The existing system was not adapted to international banking communication standards, leading to a risk of errors, delays, and limited integration capabilities with foreign banks. The key objective was to implement the ISO 20022 XML format, a global standard for payment data exchange.
Solution
MPED Sp. z o.o. developed and implemented a payroll export module in ISO 20022 XML format, enabling automatic communication with banking systems, including Société Générale and mBank. The module was integrated with the client’s financial and accounting system, allowing for the generation of payment files compliant with bank requirements.
System functionality
- Generation of payment files in ISO 20022 XML format
- Integration with electronic banking systems (Société Générale, mBank)
- Automatic data retrieval from the payroll system
- Data validation before export
- Support for domestic and international transfers
- Reporting of payment execution statuses
Technologies
- .NET Framework, C#
- SQL Server
- Microsoft Azure (hosting and integration)
- API integrations with banks and ISO 20022 XML file generation
Results
- Automation of the payroll payment process
- Reduction in payment errors
- 50% faster payment processing time
- Improved compliance with international payment standards
- Enhanced payment reporting and increased transaction transparency
Summary
The ISO 20022 payment export module implemented by MPED Sp. z o.o. has become a crucial tool in streamlining the client’s financial processes. Automation and bank integration have enhanced efficiency, eliminated errors, and aligned operations with global payment standards, significantly improving the security and reliability of settlement processes.