FASYL Technology Group, in a landmark development, has introduced a cutting-edge solution set to transform the landscape of banking transactions.
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 groundbreaking advancement is poised to significantly enhance the speed and security of financial transactions on a global scale and redefine the landscape of financial transfers, setting a benchmark for innovation in the ever-evolving world of banking.
Speaking in an interview on the back of a ‘Break Forum’ to launch the product in Accra, Chief Technology Officer-FASYL Technology Group, Emeka Horatio Chibuzor explained: “ISO 20022 is a standard for financial information exchange, where financial institutions can transmit messages”.
He said it is a standard platform introduced by the ISO for financial institutions, so that one financial institution can communicate with another seamlessly.
Given its growing global adoption, he remarked, if financial institutions in the country do not adopt it immediately, they are likely to fall behind. “By 2025, I think everybody is supposed to comply. You must be an ISO 20022 player by 2025 or else you will not be able to communicate or send financial transactions to an institution.”
He noted that the number-one medium for transfer, which is the Swift Network, has adopted this standard. “So, for you to be able to transfer any message globally, you must adapt. That is why even the Bank of Ghana and all regulatory bodies are adopting this platform, so that it can be a player in the system.”
The FASYL Technology Group, he said, is helping banks to comply. “FASYL has provided a system that is ISO-compliant. So, instead of going out of the Ghana space to look for such a system, we have it locally here in Ghana so that every financial institution can comply.”
With artificial intelligence becoming a critical component of emerging tech, he observed that: “Within every system there is some form of artificial intelligence, which we have already put in. That’s why things like workflow processes, all those, are artificial intelligence. They can lend and then also help customers predict outcomes for their transactions”.
Also, he said, FASYL as a technology company is not just pushing out systems but provides cutting-edge solutions to problems.
“We’ve seen that the ISO is new and it’s coming in the Ghana region and then everybody has to comply. And that’s why we have gone back and brought this forward, so that Ghanaians will not be left behind. They will also be players in the system,” he stated.
Already in West Africa, he said, Nigeria has adopted its RTG system. Additionally, other African countries like Zambia and Kenya are on the verge of deploying the system, it was revealed.
“So, a lot of countries are jumping on it, because by 2025 everybody must be on it.”
He cautioned that you will not be globally connected and also not be able to transfer funds in 2025, if as a financial institution you do not match up. “So, you must be a player. And for the economy to grow, you must be connected to the globe.”
The Group Managing Director, Jude Obiakor, also speaking at the Forum said: “ISO standards are globally recognised benchmarks that set the stage for quality, efficiency and innovative payment systems (SWIFT and RTGS)”.
He added that they provide a framework for financial institutions to enhance customer satisfaction, meet regulatory requirements and demonstrate a commitment to delivering products and services within the financial spectrum.
