Specialty retailer examines how data-rich payments can deliver benefits, including enhanced operational strategy
For the fifth installment of our case study series we look at how a retailer that interacts with insurers and customers across Canada, and offers products and services online, is positioning itself to take advantage of payments Modernization. The study details how its payment processes and store operations stand to benefit from data-rich payments as a result of migrating to ISO 20022, the emerging international standard for payments messaging.
Some topics covered in the case study include:
- How ISO 20022 provides an opportunity for the organization to integrate its practice management software with its accounting and payroll solution, enabling greater automated invoice to payment reconciliation;
- How straight-through processing as a result of ISO 20022 adoption will streamline current insurance payment reconciliation practices;
- How more data traveling with payments will allow for more effective payments tracking, better cash flow monitoring and more accurate predictions of cash account balances.
For more on the benefits of payments Modernization and, in particular, ISO 20022 to Canadian businesses, governments and other organizations, read our entire case study series.
Payments Modernization and ISO 20022
To learn more about Payments Canada’s Modernization initiative, visit Modernization.
ISO 20022 is the foundation for payment messaging across all modernized payments systems. The transition to ISO 20022 will support interoperability with global payment ecosystems, and will also enable new opportunities for financial products and services, and bring new levels of efficiency to the Canadian economy. Financial Institutions looking for resources or services to support their adoption of the standard should visit the Payments Canada ISO 20022 Resource Centre.
Want to share your experience?
If you would like to share your organization’s ISO 20022 journey, we want to hear from you: modernization@payments.ca
