"With ISO message format changes, Swift updates, and evolving fraud requirements hitting simultaneously, banks are facing a complex web of compliance demands that require immediate attention. "The regulatory agenda for money movement is probably one of the most aggressive we have," said Elaine Duff, SVP and Head of Money Movement at FIS. "It's across the globe. We're seeing the ISO message intended to help firms standardize their messaging, become more efficient, and make their operations much more standardized.""
"Yet the scale of change extends far beyond simple messaging updates. The oncoming change affects fraud tools, digital channels, reporting formats, and entire operational workflows. For many institutions, the traditional rip-and-replace approach to modernization has become both financially and operationally untenable. Nick Dovaras, Global Account Manager at AWS, emphasized the broader pressures driving urgency: "There's customer expectations as well. Customers are expecting 24/7, instant, and customer-friendly mobile applications that are connected to online systems.""
Regulatory changes including ISO message format updates, Swift revisions, and evolving fraud requirements are converging to create urgent compliance demands for banks. The changes extend beyond messaging to affect fraud tools, digital channels, reporting formats, and operational workflows. Traditional rip-and-replace modernization approaches are becoming financially and operationally untenable for many institutions. Customer expectations for 24/7, instant, mobile-first experiences add pressure to deliver real-time payment capabilities. Modular modernization strategies, embedded fraud protection in real-time flows, and cloud-native solutions enable capability upgrades without the risks and cost of wholesale system replacement.
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