Blog· 3min May 11, 2023
EBA CLEARING (EBA) is set to release its maintenance update in November 2023, and this year, the changes promise to be more significant than ever. With the migration to the 2019 version of ISO20022 message standards, the financial industry is poised to undergo a major transformation, affecting the format of messages exchanged with EBA. Fortunately, Form3, a fully managed service, is here to help minimise the impact of scheme rule changes and standardisation updates for its clients. In this article, we'll take a closer look at what these changes entail, the benefits of partnering with Form3, and how to prepare for the upcoming updates.
The EBA SEPA maintenance release is designed to address necessary updates and improvements to ensure ongoing compliance with the rulebooks of the European Payments Council. This year, the most significant change is the migration to the 2019 version of the ISO20022 message standards. ISO20022 is a universal financial messaging standard that promotes interoperability and efficiency across different financial institutions and market infrastructures. The adoption of this updated standard will lead to improved communication, streamlined processes, and reduced costs for all parties involved.
The migration to the 2019 version of ISO20022 message standards will undoubtedly bring challenges to many organisations. However, Form3's expert team is well-equipped to handle these changes, minimising the impact on clients and ensuring a smooth transition. The company's deep understanding of the financial sector, combined with its commitment to continuous improvement, positions it as a trusted partner in managing the effects of scheme rule changes and standardisation updates.
In contrast to the major changes associated with the November release, the June maintenance release of EBA primarily includes minor updates that do not impact payment processing with Form3. Nevertheless, it is crucial for organizations to review the impact assessment documents available on the EBA portal. This will help identify any potential effects on internal processes and ensure continued compliance with regulatory requirements.
Form3 has implemented the necessary changes in our staging environment, allowing customers to test and familiarise themselves with the updates before they go live. To further support our customers, we have developed our system in such a way that clients can test against both the current code and processes, as well as the new code that will be effective from November. This allows for a thorough assessment and ensures a smooth migration to the updated standards.
While EBA self-certification testing is scheduled to start early September, Form3 has made sure to be ready well in advance. This means that our customers can begin testing their changes in the staging environment ahead of the formal scheme testing, providing ample time to adapt and perfect their systems in line with the upcoming updates.
By offering a robust staging environment and early readiness for EBA self-certification testing, Form3 aims to support clients to successfully navigate the transition to the new standards, mitigating risks and maximising opportunities.
As the financial industry continues to evolve, it is essential for organisations to stay informed about the latest regulatory changes and industry standards. Doing so not only helps maintain compliance but also enables businesses to take advantage of new opportunities for growth and innovation. Form3 is committed to keeping its clients informed and providing guidance throughout the entire process, ensuring that organisations can successfully adapt to the changing landscape.
The November 2023 EBA maintenance release and migration to the 2019 version of ISO20022 message standards represent significant changes within the financial sector. As organisations prepare for these updates, partnering with a reliable and experienced service provider like Form3 can be instrumental in ensuring a smooth transition.
By providing comprehensive guidance, resources, and support, Form3 minimises the impact of these changes on its clients, allowing them to maintain compliance and capitalise on new opportunities within the evolving financial landscape. With Form3's expertise and dedication to client success, organisations can confidently navigate the upcoming changes and continue to thrive in a dynamic industry.