The first-of-its-kind payment initiative to accelerate corporate adoption of real time, data-rich payments
- What’s the news: EPAM’s new ISO 20022 payments sandbox is now available for corporations to test their payment systems with the new global messaging protocol, before fully migrating.
- Why it’s important: Migration to ISO 20022 will have a significant impact on the payment and operational workflows of corporations. To meet this business imperative, they’ll need to optimize legacy technologies and begin preparations now to gain a competitive advantage before the industry-wide implementation.
- Who’s it for: Corporations with a stake in the payments business—financial technology executives, CFOs, finance directors, treasury directors, payments executives, government entities and payments entities.
Newtown, PA – August 25, 2020 – EPAM Systems, Inc. (NYSE: EPAM), a leading global provider of digital platform engineering and software development services, today announced the launch of the first ever ISO 20022 Payments Sandbox environment that enables corporations to test the open standard and bring awareness to the opportunities and use-cases available—e.g., increased revenue opportunities, improved customer satisfaction and operational resilience and more effective barriers against fraud risk.
ISO 20022 is an emerging global and open standard for payments messaging. But challenges with risk, complexity, scale and deployment have slowed, or even halted, adoption for businesses who struggle to meet the perceived commitment and investment challenges the transition demands. In partnership with 20022 Labs, the new ISO 20022 payments sandbox facilitates adoption by letting companies ‘try before you buy.’ The system takes existing corporate payment processes and emulates next-generation instant, data-rich payments to demonstrate the power of ISO 20022-enabled banking—allowing for more information to be sent through payment systems, creating significant opportunities for innovation, customer satisfaction and back-office efficiency improvements.
“The benefits of the ISO 20022 messaging standard are abundant but getting ready for the new standard will require substantial efforts and resources.” said Mark Rechsteiner, Vice President, EPAM Canada. “From consulting through to execution, we provide the tools and experience to help businesses take advantage of this revolution. Our new payments sandbox is another example of our continued support of customers as they adapt to digital disruption and evolving customer demands. We’re pleased to have a partner, like 20022 Labs, to help pave the way for payments innovation.”
EPAM will provide a full adoption roadmap, from consulting to tools and best practices, that will help organizations capture competitive advantages from being an early adopter of ISO 20022. Proof of Concept engagements will initially be available to Canadian businesses in September 2020 with plans to expand globally.
“We’re excited to be partnering with EPAM to offer the only ISO 20022 corporate sandbox solution on the market,” said Mike Sigal, CEO, 20022 Labs. “While we’ve seen real promise in the adoption of ISO 20022, there is still a considerable gap between providers of financial services and users of them. This sandbox solution will significantly speed up adoption by allowing companies to get their feet wet first and receive a frontline view of the benefits that data-rich payments can deliver.”
To learn more about the partnership and the ISO 20022 payments sandbox service and how your organization can use it to test the open standard, attend the EPAM / 20022 Labs webinar on September 10 at 12pm EDT. The panel of experts will include Alistair Brown, Global Head of Payments at EPAM Systems; Mike Sigal, Chief Executive Officer at 20022 Labs; Aaron Press, Research Director for Worldwide Payments at IDC Insights; and Doug Macdonald, Canadian Strategic Payments Advisor. Register for the “The Rich Data Revolution: Are you ready for ISO 20022 payments?” webinar today.
About EPAM Systems
Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has leveraged its software engineering expertise to become a leading global product development, digital platform engineering, and top digital and product design agency. Through its ‘Engineering DNA’ and innovative strategy, consulting, and design capabilities, EPAM works in collaboration with its customers to deliver next-gen solutions that turn complex business challenges into real business outcomes. EPAM’s global teams serve customers in more than 30 countries across North America, Europe, Asia and Australia. As a recognized market leader in multiple categories among top global independent research agencies, EPAM was one of only four technology companies to appear on Forbes 25 Fastest Growing Public Tech Companies list every year of publication since 2013 and was the only IT services company featured on Fortune’s 100 Fastest-Growing Companies list of 2019. Learn more at www.epam.com and follow us on Twitter @EPAMSYSTEMS and LinkedIn.
About 20022 Labs
20022 Labs is a global membership organization dedicated to driving awareness and adoption of data-rich payments solutions based on the ISO 20022 messaging standard. Our vision is a globally pervasive, integrated and interoperable payment infrastructure enabling stronger, more inclusive economies. By adding context to payments, ISO 20022 will make banks and companies more efficient, competitive and customer-centric. 20022 Labs’ members work together to promote the benefits, address the challenges and influence the standards that will accelerate the achievement of this vision. Learn more at www.20022labs.com or follow us on LinkedIn.
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.