27 May 2018
https://www.avoka.com

Sun treasury works with BofA on ISO20022 payments messaging

02 October 2007  |  7218 views  |  0 Bank of America Logo web screen shot

The growing support among both corporates and banks for the ISO 20022 messsaging standard was illustrated today with the news that Bank of America and Sun Microsystems are piloting a payments processing system based on the specification.

The project is part of a major redesign of Sun's treasury architecture as it attempts to move to a single global platform.

The pilot will run on Sun's Solaris 10 operating system with the first phase concentrating on accounts payable before expanding to cover the whole treasury function.

"In redesigning Sun Microsystems Treasury architecture we are relying on industry standards such as ISO 20022 and Swift for Corporates," says Brad Vollmer, assistant treasurer, Sun Microsystems. "Standardising our business processes and systems interfaces using these systems and our own internal ERP platform running on Solaris, we anticipate acheiving significant efficiencies."

The announcement was made at the Sibos conference in Boston, which includes an inaugural forum dedicated to corporates and a key focus for particpants is the promotion of the ISO 20022 and Swift for Corporates standards.

"The question of which XML standard will everyone support has been out there for years and both sectors, corporates and banks are working together on this," says Susan Colles, senior vice president, Global Corporate Solutions and Support, Bank of America. "With the publication of the ISO standards, the business community now has a set of global XML messaging standards that has been accepted by the financial industry."

The larger corporates are pushing for banks to move to the IS20022 specification as a global standard for payment processing. However, research conducted by Finextra on behalf of SAP reveals that while 87% of Eurozone banks say they will be adopting the new XML message types, approximately one-third say they will use the standard for interbank transfers only.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Eurozone banks say payments business on the brink of upheaval

Eurozone banks say payments business on the brink of upheaval

02 October 2007  |  3692 views  |  0 comments
Bank of America, Credit Suisse and UBS join Opus-5 144A securities platform

Bank of America, Credit Suisse and UBS join Opus-5 144A securities platform

12 September 2007  |  8863 views  |  0 comments
Bank groups call for new payment message standards

Bank groups call for new payment message standards

19 April 2007  |  6509 views  |  0 comments
Corporate treasurers work with Swift, Twist on payments standards

Corporate treasurers work with Swift, Twist on payments standards

30 November 2006  |  8055 views  |  0 comments
Corporates and banks come together on ISO 20022 payments standard

Corporates and banks come together on ISO 20022 payments standard

27 September 2006  |  10339 views  |  0 comments
Sun and Bank One to roll out 'government grade' payments platform

Sun and Bank One to roll out 'government grade' payments platform

17 September 2003  |  6071 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comVisit http://go.jumio.com/finextraAdVisit www.niceactimize.com

Who is commenting?

Top topics

Most viewed Most shared
satelliteAnt Financial provides tech for China Ever...
29125 views comments | 3 tweets | 2 linkedin
Digital banking transformation creating new systemic risksDigital banking transformation creating ne...
8962 views comments | 18 tweets | 26 linkedin
MUFG to roll out blockchain payment network next yearMUFG to roll out blockchain payment networ...
7632 views comments | 13 tweets | 13 linkedin
There are some things you just can't do with an appThere are some things you just can't do wi...
6909 views comments | 9 tweets | 15 linkedin

Featured job

to $120K base, 200K ote, benefits
New York City, NY - USA

Find your next job