Financial Institutions will not be impacted (no need to do anything) if they process payments through Convera. Please note: You do not need to make any changes to the way you interact with us as a result of the ISO20022 transition. See question #11 if your organization is interfaced via file or API.
Other implications if you do not work with Convera:
- Compliance: If you do not work with Convera or another payment provider, by November 2025, your institution must be fully compliant with ISO 20022 standards for both domestic and cross-border payments.
- System upgrade: Transitioning to ISO 20022 requires significant updates to payment processing systems, including changes to message formats and data handling procedures if you do not work with a payment partner such as Convera.
- Enhanced data capabilities: ISO 20022 provides richer and more structured payment data, enabling improved compliance monitoring, better customer insights, and enhanced operational efficiencies. If you are partnering with Convera, you will see all these benefits without having to do anything.