Africa-Press – Ghana. FASYL Technology Ghana, an indigenous company with a global reach, has urged Ghana to ratify the IS0 20022 local and international payment system which is being roll out before 2025.
The company’s International Organisation for Standardisation (ISO) 20022-compliant technology promises to revolutionise both local and international financial transfers, heralding a new era of efficiency and standardisation in the industry.
This, according to industry watchers, will keep the country in line with accessing international financial transactions in large volumes as well as between financial transactions.
The ISO 20022 migration, which is to modernize high value payments infrastructure, is already being implemented in countries such as India, Switzerland, China and has also been introduced in payment markets in Australia, the US, Canada among others.
It is an emerging global standard for sending payment instructions between local, regional and international financial institutions.
Speaking at a breakfast event recently in Accra to make a case for the rollout , the consultant for Finance Application Systems Limited (FASYL), Mr. Emeka Horatio Chinuzar, reiterated the need for Ghana to adopt the ISO 20022 which allows members of financial communities to define and expand message sets according to an internationally agreed business syntax.
“ISO 20022 is a standard for financial information exchange, where financial institutions can transmit messages”. In Africa, major countries like Nigeria, Zambia , Kenya and other countries have already adopted ISO 20022 ”, he pointed out .
He furthered that it is a standard platform introduced by the ISO for financial institutions, so that one financial institution can communicate with another seamlessly.
With its solutions for helping business and companies achieve the adoption Mr. Chibuzar, said their system is well designed and thoroughly tested with all the components meeting available standards which have data backup and failover for meeting the goals of banks.
In a welcome address, the Country Manager for FASYL Ghana, Mrs. Marian Kwakye, indicated that FASYL is committed to value creation in the various establishments and the breakfast meeting is also a testament to their continuous technological innovations and pursuit of international standards within the financial sector .
“Today’s ISO 20022 ROLLOUT gathering is not just a marked date on our calendars, it is also a milestone in our journey towards empowering businesses to maintain the highest quality standards of your products and services to your customers “, she stressed.
According to her however, ISO standards are globally recognized benchmarks that set the stage for quality, efficiency and innovation payment systems and encouraged many businesses to join within the regulatory framework.
It is recalled that FASYL Technology Ghana, an indigenous company with a global reach, has been awarded two International Organisation for Standardisation (ISO) Certifications. The certifications are Quality Management Standards (ISO 9001:2015) and Information Security Standards (ISO/IEC 27000:2013).
By meeting these benchmarks, FASYL Technology Ghana has demonstrated its commitment to protecting sensitive information as well as consistently and safely delivering quality outcomes to their cherished clients.
The ISO assessment of FASYL Ghana’s Technology, People, Logistics and Services – Human Resources, Administration, Finance, Marketing and Sales, as well as Partner Products, revealed that all were top notch, leading to their international accreditation.
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