Dragonfly, a leader in digital business banking solutions, has announced the addition of new FedISO capabilities to its Composable Digital Business Banking Platform. This enhancement is in response to the recent federal mandate requiring ISO 20022 compliance, a global standard for electronic data interchange between financial institutions.
ISO 20022 is designed to improve the quality and consistency of financial transactions by using a standardized messaging protocol. It provides a framework for exchanging financial information in a more efficient and accurate manner, which is crucial for supporting the increasing complexity of global transactions and regulatory requirements.
The integration of FedISO capabilities into Dragonfly’s platform will allow financial institutions to seamlessly transition to the new standard, ensuring they meet federal requirements and maintain operational efficiency. The updated platform will facilitate better data integration and interoperability across various banking systems, enhancing transaction processing and reducing errors.
Key features of the new FedISO capabilities include advanced data mapping tools, improved message validation processes, and enhanced reporting functionalities. These features will support banks and financial institutions in complying with ISO 20022 while also optimizing their operational workflows.
Dragonfly’s move reflects a broader industry trend towards embracing ISO 20022, which is expected to become the standard for financial transactions globally. By adopting this new technology, Dragonfly positions itself as a forward-thinking provider, dedicated to advancing the capabilities of digital business banking platforms.