Major Player in Large Corporate Payments Accelerates Implementation with Progress MarkLogic ISO 20022 Accelerator for Payments
Industries:
Banking and FinanceProducts:
MarkLogicChallenge
A more than 150-year-old institution in large corporate payments is moving from SWIFT MT to the ISO 20022-based messaging standard. To meet growing business needs and continue supporting their 1,000+ financial institution members, they sought a new data platform.Solution
They selected MarkLogic as its ISO 20022 repository because of its unparalleled XML abilities.
Result
MarkLogic’s technology enabled the institution to simplify various data discovery needs, analytics (exposing XML structures via SQL) and support of transactions, while developing applications faster and more reliably without the need for duplicate data stores.
Full Story
Challenge
A more than 150-year-old institution in large corporate payments is moving from SWIFT MT to the ISO 20022-based messaging standard. To meet growing business needs and continue supporting their 1,000+ financial institution members, they sought a new data platform.
However, most data platforms available did not include native XML support, forcing developers to parse XML messages, move the data to other formats, perform their processing and analytics and in some cases, convert the results back to XML to be transferred to other users.
After evaluating various options, the company selected the Progress® MarkLogic® ISO 20022 Accelerator, an enterprise-grade data platform with native XML and XQuery support, due to its unparalleled XML abilities and ability to eliminate the need to move ISO 20022 messages to other formats.
Solution
The MarkLogic ISO 20022 Accelerator for payments equips companies with the information they need to get ready for the ISO 20022 transition. It aims to make the migration process easier for subject matter experts and help businesses operate more efficiently while freeing them up to focus on new initiatives.
With MarkLogic, the institution is able to simplify various data discovery needs, analytics (exposing XML structures via SQL) and support of transactions.
Legacy payments messages generally have a simple, tabular approach, which often contain unstructured data. The replacement ISO 20022 approach includes significantly more data elements and is organized hierarchically in well-defined reusable structures.
Result
Since implementing the MarkLogic ISO 20022 Accelerator for payments, the company has been able to:
- Develop applications faster and more reliably without the need for duplicate data stores
- Greatly reduce the effort of handing XML documents in general and ISO 20022 payment documents specifically
- Expose rich data and embed an understanding of data elements
- Provide predefined SQL and easily enhanced views of complex payments messages for easy integration with Tableau, Power BI, Python and relational analytical tools
- Ingest, update and delete payment messages
With its volume of data elements and well-defined reusable structures, MarkLogic makes converting ISO 20022 messages to other formats a thing of the past—allowing applications to be developed faster and more reliably.