SWIFT Lists ProgressSoft’s Payments Hub as a CBPR+ Ready Solution
ProgressSoft attains revolutionary milestone with an exclusive listing by SWIFT as one of select vendors worldwide to provide a Cross-Border Payments and Reporting Plus (CBPR+) ready solution that presents financial institutions with unprecedented and smooth transition towards the new SWIFT CBPR+ guidelines.
In light of SWIFT’s directive for banks to migrate from the current payments and cash reporting MT message standards to ISO 20022 by 2025, the CBPR+ was created to define a common guideline for the use of ISO 20022 for cross-border payments and cash reporting that harmonizes interoperability between domestic and international payments, facilitates faster development of digital products and improves risk management among other new opportunities and benefits for the financial sector.
Utilizing its over 30 years of mastery in the payments industry, with full understanding of the challenges banks will address from such a drastic change to back-end systems, ProgressSoft launched its Payments Hub Platform to provide banks with seamless migration capabilities to ISO 20022 through minimal to no changes on existing banking systems – reducing massive time, and cost.
The ultramodern platform was then listed by SWIFT as a CBPR+ ready solution given its full support for CBPR+ guidelines including a comprehensive user interface, customizable workflow, SWIFT FINplus integration and an embedded translation feature between MT and ISO 20022 message formats.
Today, ProgressSoft is promptly boarding numerous banks and supporting the SWIFT community before the start of the ISO 20022 coexistence period in 2022.
ProgressSoft is delighted to be at the heart of such a radical change in the financial industry and is keen to provide global banks with prompt responses to needed implementations and consultancy services.