• Friday, April 19, 2024
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Keystone Bank adopts Sakobia to simplify its ISO 2022 swift migration

Keystone Bank adopts Sakobia to simplify its ISO 2022 swift migration

In line with the announcement by the Central Bank of Nigeria (CBN) mandating all banks to migrate their SWIFT messages to the International Organization for Standardization (ISO) 2022 by November 2022, Keystone bank, a financial institution in Nigeria has adopted Union Systems Limited’s software known as Sakobia to simplify its ISO 2022 SWIFT migration.

Sakobia is a full-stack enterprise web application and a central messaging hub designed to manage the generation, validation, authorization, and translation of SWIFT messages without having to modify existing infrastructures.

According to the software company, the migration is a significant transformation for the financial services industry and will enable global interoperability resulting in significant advancement in global payment processing.

“The ISO20022 Standard is an established global language for electronic data interchange for payments messaging in over 70 countries and we have chosen Sakobia because it is a smart middleware with the ability to help us transition seamlessly while complying with the regulations of the Central Bank of Nigeria.

Read also: CBN directs banks to migrate to new standards for electronic messaging by November 2022

“We are convinced that this adoption will further position us to provide greater value to our customers and the financial ecosystem at large,” Yemi Olaniyi, Acting Chief Information Officer, Keystone Bank, said.

Sakobia says its ability to convert messages from MT to MX and vice versa automatically is a unique selling factor. In addition to message translation, Sakobia handles Nostro Reconciliation, Message Matching, and Chaining Business Process Management, and serves as a middleware for financial message management en route to the swift alliance.

“As a SWIFT technology partner, we understand the complexities surrounding this migration and the need for banks to achieve compliance quickly and cost-effectively. We are excited to partner with Keystone Bank on this move in the most effective and efficient way possible,” Emmanuel Nkenwokeneme, Chief Technology Officer, Union Systems Limited, said.