This successful CHIPS ISO 20022 migration underscores Montran’s ongoing commitment to innovation and its leadership in shaping the future of global payment technologies.

NEW YORK – May 7 2024 /Montran/ — Montran has announced the successful migration of eight US branches of multinational banks to the CHIPS ISO 20022 standard for US dollar-based large value payments processed through The Clearing House (TCH). This enhancement allows these banks to leverage advanced data capabilities, significantly benefiting their corporate clients and branch operations.

“The transition to CHIPS ISO 20022 aligns with the global shift where Clearing and Settlement Mechanisms (CSMs) were required to upgrade to this standard, and most struggled with the deadlines to do so,” said Adrian Carcu, Chief Architect of Payment Solutions at Montran. “Montran’s extensive knowledge and experience with ISO 20022 positioned us as the very first Software Application provider to complete the Certification Test with CHIPS, ensuring seamless migrations for our US partners. In fact, TCH noted that the very first live ISO Payment was released by one of our clients using the Montran application.”

ISO 20022, now the preferred standard for payment messaging, provides a robust framework for improving data transmission between financial institutions. By facilitating the integration of comprehensive remittance information, extended character sets, and structured data, the standard significantly elevates the payment processing experience.

With this migration, the involved banks now offer advanced payment processing capabilities to multinational corporations and financial institutions. Clients benefit from enriched data insights, improved transaction reconciliation, accelerated processing times, and optimized liquidity management.

This successful migration underscores Montran’s ongoing commitment to innovation and its leadership in shaping the future of global payment technologies. Looking ahead, Montran is preparing for another major upgrade in March 2025 with the US Fedwire® Funds Service ISO® 20022 Implementation, actively deploying the Fedwire solution to eleven US multinational banks.

About Montran

Montran is a premier provider of Payment and Securities Market Infrastructure solutions, servicing national banks, national level clearing and settlement institutions and commercial banks with mission critical installations and operations in over 80 countries. Discover more at www.montran.com.

SOURCE Montran