A New Standard for Efficient Payment Processes

Introduction of ISO 20022: A Major Step into the Future of Payment Transactions

The introduction of ISO 20022 improves international payment transactions through standardized data formats, greater transparency, and faster transactions. tts GmbH has successfully completed the transition—thanks to strategic planning, technical expertise, and strong partnerships.

tts GmbH is the holding company of the tts corporate group based in Heidelberg. Under its umbrella, nationally and internationally renowned companies specializing in digital transformation are united. They offer holistic solutions in the areas of Digital Adoption, Corporate Learning, and Digital HR. Their goal is to support companies in enabling their employees to succeed in a digital world.

Since the founding of the first tts company in 1998, the organization has continuously evolved and is now known for its expertise in implementing digital learning platforms and HR solutions. The company has established itself as one of the leading providers in this field and is particularly valued for its innovative and tailored services.

What is ISO 20022?

ISO 20022 is revolutionizing payment transactions through a standardized structure for exchanging financial data. This international standard promotes efficient communication between banks and companies, supports the automation of transactions, and facilitates cross-border payments. By meeting regulatory requirements and improving transparency and efficiency, ISO 20022 is a significant step toward modern and secure payment transactions.

Why is the transition so important?

The ISO 20022 standard will be introduced worldwide for cross-border payments by November 2025. This new norm standardizes financial messages globally, increases transaction speed and security, and improves international payments.

For companies, the transition involves implementing software updates, adjusting interfaces, and updating customizations (and possibly master data) to meet the new requirements. Careful planning and timely implementation of these changes are crucial to ensuring the smooth flow of payment transactions and avoiding disruptions.
 

A New Standard for Efficient Payment Processes
The Timeline of ISO 20022


What are the benefits of the transition?

Switching to ISO 20022 offers numerous advantages:
 

  • Comprehensive and detailed information on bookings, account statements, and fee settlements in electronic format
  • Improved post-processing of payment transactions through a detailed view of payment orders
  • Faster and more efficient processing with reduced risks.

What challenges arose during the implementation?

During the project, several challenges were successfully tackled in close collaboration between tts business units, IT, financial institutions, and XEPTUM consultants:
 

  • Implementation of payment medium formats and format trees according to ISO 20022
  • Clarifications regarding missing or incomplete SAP notes on international payment transactions and the replacement of DTAZV
  • Mapping of the previous GVC (MT940) format to the new CAMT.053 format for electronic bank statements
  • Thorough preparation to create the prerequisites for customization and ensure a smooth transition to the new formats

What was the key to the project's success?

A crucial success factor was the close and trusting collaboration between the involved business units, banks, and experts from the XEPTUM Group during the technical implementation and all testing phases. This intensive cooperation, combined with strong implementation expertise, made it possible to overcome all challenges efficiently.

What is tts GmbH’s conclusion after project completion?

The responsible parties at tts are very satisfied with the progress and results of the project. "Particularly noteworthy is the trusting collaboration on equal footing with the experts from the XEPTUM Group, our long-standing partner. Once again, it has been proven that with XEPTUM, we have an extremely experienced and competent consulting team by our side, on which we can fully rely in every project phase. Almost a unique selling point in the SAP consulting landscape is the business process expertise of the XEPTUM consultants as well as their ability and willingness to always adapt to our company's specific challenges and questions and to develop conceptual solutions together with us," emphasizes Bianca Beckenkamp, Head of Finance & Controlling. "The professionalism and dedication of the XEPTUM team have once again significantly contributed to the success of this project and exceeded our expectations."

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