- What are the pain points associated with banks’ legacy testing methods?
- When it comes to ISO 20022 compliance, what pressures are banks’ business departments and product owners under?
- What can automated testing do for banks’ long-term compliance journey?
The financial sector asked for ISO 20022 – but with all the newfound payment rails and testing requirements, perhaps it did not fully appreciate the consequences. There are new business rules to contend with, updated file formats, and more use cases than ever. Every bank must shoulder this unprecedented compliance project to meet Swift’s November 2025 deadline.
However, the status quo for compliance testing – be it generic or tailored – is not fit for the long haul. Incumbent methods are a mountain to scale, particularly for commercial banks’ business departments and product owners, who are expected to be both externally facing as well as translate new regulations to IT staff.
Automation may just be the silver bullet – subbing out the laborious, in-house testing process for always-on compliance, for decades to come. This pre-emptive flex to accommodate regulators’ ever-evolving rules keeps a bank’s regime evergreen; boosts operational efficiencies; and does not play fast and loose with precious human resources.
Sign up for this Finextra webinar, hosted in association with UNIFITS, to join our panel of industry experts who will examine the current state of banks’ compliance testing, and what needs to be done to ensure their regimes are future-proof.