Financial Messaging Platforms Face Calls for Overhaul

A new blueprint calls for an overhaul of the systems that carry payment and transaction information between financial institutions. It presents modernization as a response to changes in financial services and growing demands on messaging infrastructure.

The document focuses on platforms used by banks and other institutions to transmit information needed to process transactions. These systems must support accurate data exchange, reliable processing and compatibility between organizations in different markets.

The blueprint says financial institutions need to update long-standing infrastructure while continuing to operate systems that support daily payments and other transactions. It calls for the sector to assess how platforms are designed, how they exchange information and how they can meet future requirements.

The proposal covers changes to platforms and standards used by financial institutions to communicate. It does not identify modernization as a single technical change, instead addressing the systems and rules that support financial messaging.