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Self-service testing and readiness, for frictionless on-boarding

Clearing Infrastructures - Simo®

The Challenge for Payment Infrastructures

Around the world, major projects are under way to modernise RTGS and real-time payment platforms, based on ISO 20022.

Moreover, payments are moving towards a more constant, cyclical state of innovation with increasing complexity. Where payment infrastructures may have been refreshed every decade or more, in the future incremental changes will need to be supported far more regularly, alongside wholesale upgrades to keep up with the pace of changes in regulation and technology.

See the infographic: Payment System Modernization

Payment infrastructures face multiple challenges to more efficiently certify and on-board banks and other participants, while also helping them adopt new standards. These processes must be: 
  • robust - stability key for critical infrastructure
  • efficient - for better stakeholder experience, and
  • scalable - to meet competitive demands and open to more parties 

On-boarding with XMLdation

Our service standardises and simplifies testing and on-boarding, and bridges the gap between legacy standards and ISO20022. 
The XMLdation Simulator and Legacy Bridge solutions streamline on-boarding, so banks and clearers can roll out new payment schemes and adopt new formats - faster and easier.
Traditionally, clearers have connected participants by means of industry testing programs based on manual effort, and coordinated “buddy testing” ... with lots of meetings and emails, and with activity squeezed into "testing windows". 

The Details - On-boarding with XMLdation

The XMLdation Simulator is used by participants to test and certify readiness. It simulates the clearer’s payment infrastructure, as well as dummy bank participants, allowing banks to test independently of other participants. The Simulator is cloud-born and API-ready, with APIs that enable test automation, and also facilitate easy exchange of messages with bank systems. Reporting feature allow clearers to monitor participant usage and certify participant readiness. 
The XMLdation Simulator is also easily adapted for use by the clearer, to perform end-to-end testing of its own Platform, simulating multiple dummy participants. 
The XMLdation Legacy Bridge helps bank participants at all stages of migration from legacy payment formats and methods, to new approaches. The XMLdation Legacy Bridge gives clearers a mechanism to on-board all banks to their new payment platform, irrespective of whether a bank is ready to migrate its own systems to ISO20022. 
 
API-ready:  For payment infrastructures launching API-based services, the XMLdation API Sandbox solution can be used by participants to test and certify readiness for the clearer’s catalog of APIs. 

Value for Participants
– get ready 90% faster

Using the Simulator, Participants do their own self-service testing, independently.

The self-service approach avoids the delays and scheduling challenges associated with partner testing, and resolves the myriad issues that cause unnecessary delays in go-live. 

The Legacy Bridge can relieve pressure on participants who may need more time to adopt new messaging formats in their systems.

The value can be magnified for Participants by using the XMLdation solutions in a broader way as part of their own internal testing processes.  

Value for payments clearing houses

Clearing houses can manage migration of their FIs efficiently, automate routine tasks in the testing phase, and allow their valuable internal technical resources to focus on the most complex implementation and testing tasks with the FIs.

Value for payments clearing houses

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