By using the CGI XML file format, you can simplify your processes. Instead of having to create and submit multiple files to your bank, a single file is now sufficient. In addition to a more efficient design of the processes and systems, this also offers the opportunity to combat fraud by harmonizing all payment and authorization processes. Now that the banks are offering this standard and are phasing out the old one, it must be investigated what this can implicate for your organization.
SWIFT stands for “Society for Worldwide Interbank Financial Telecommunication” and is a global network that processes payment processes between different groups. The initiative is to develop one standardized ISO 20022 XML format for all SEPA and non-SEPA payments. This so that organizations can switch between banks without any problems or the need to adjust their systems to create a new payment format.
ISO 20022 is the standard used by the financial services industry to develop consistent financial messaging in payments and transaction banking. Pain.001 stands for “Payment Initiation message”. This is a translation of 1 payment order in the XML file defined according to the ISO 20022 standard, which can contain several payment orders.
Payments can be bundled in one batch via a pain.001 XML file. Payments in Euro and non-Euro currency can be combined. Another big advantage is that a single file with all transactions in it can be offered to the bank, instead of different files via different delivery channels. In addition, as mentioned earlier, the use of a standardized file format makes it easier to switch banks or to do business with multiple banks.
PayGlobal Technology B.V. offers you a software solution for creating these files. Why would you purchase an expensive module from your ERP or CRM supplier, when you can use the more affordable and better solution of PayGlobal Technology B.V.! Feel free to contact our team for the possibilities.