ISO 20022 Universal financial industry message scheme

Epicor ERP 10
,
1

Is anyone using ISO 20022 Universal financial industry message scheme yet with Epicor?

https://www.swift.com/standards/iso-20022

ISO 20022 is becoming the new global standard language for financial transactions. In the next five years it will be the main language for high-value payments, supporting 80 % of the volume and 89% of the value of transactions worldwide, as major market infrastructures prepare to adopt the standard by 2021.

A global and open standard, ISO 20022 can be used by anyone in the industry and implemented on any network. It has fully established processes for its maintenance, evolution and governance.

In addition to ensuring interoperability with the many market infrastructure that are moving to ISO 20022, the use of the standard brings a number of regulatory and compliance related benefits. It provides richer data that will enable financial institutions to increase efficiency and develop new value-added services.

ISO 20022 is flexible enough to meet the needs of today and the needs of tomorrow.

Basically, it lets us send ACH, Payments, Positive Pay, Wire all in 1 XML File.

I see Epicor EI already has the SEPA ones, which are slightly different if not identical to the ISO 20022.

image
image903Ă—276 9.9 KB

If you have experience with this, how difficult was it to duplicate the SEPA PAIN 001 001 003 into a SWIFT/ISO Standard version.understanding-iso20022_0.pdf (186.3 KB) MIG-CAP_pain 001.001.03_Payments_v_1.5.pdf (855.4 KB)

03
03833Ă—3898 299 KB

Perhaps someone tried it and found limitations, if so what were they, with using EI?

1 Like
2

Also if anyone from Epicor knows if Epicor Team is working on an ISO 20022 Scheme EI for vNext that would be good to know before anyone decides to write their own. Again the SEPA one looks almost identical! I say almost because I didnt validate the differences yet, maybe it is actually already ISO 20022.

Roadmap info is always good.

2 Likes
3

Yes! Be more like Satya Nadella and less like Steve Jobs. Openness has made Microsoft a lot of money recently. :wink:

1 Like
4

Hi all,

I hope you are doing well.
I am curious to know if you managed to implement XML ISO 20022 file.
We are looking to change our Epicor AR/AP ACH process.
Due to change in service provider, we need to generate those files in “ISO 20022 XML PAIN.001 version 3” format instead of NACHA.
In Epicor, we have this program: Erp\EI\Payment_SEPA_Pain_001_001_03\Payment_SEPA_Pain_001_001_03.cs", but SEPA only works with Euro currency and we are using $US.
Before going thru customization process, I am investigating all options.

Thanks in advance for any advise.

Pierrick Guyard
IS Manager

5

Welcome Pierrick!

Epicor has a module called “Electronic Compliance” that may help you with this.

6

Thanks Mark for you reply. I am not comfortable using BAQ and develop in-house solution to handle financial transactions. On a long run, you have to closely monitor it. I prefer to get them from the EI…
What is very surprising for me is that this format (XML ISO 20022) is not available yet in Epicor. I am waiting an answer from Epicor CSG to see what can be done.

Thanks,
Pierrick

7

Which Country do you need Pierrick? It appears that ISO 20022 is available already in some of the Country Specific Functionality.

https://epicweb.epicor.com/doc/Docs/CountrySpecificFunctionalityGuide_SEPA_102400.pdf

8

We are in the US. And we need to use it only with $ currency. The one you just shared works only in Euros. I got a template of the SEPA XML ISO 20022 (from Epicor) and I ask Epicor CSG if they could convert this program to make it work with $US currency. I looked at all others programs, but no luck so far…

Thanks,

1 Like
9

image
image1040Ă—440 27.6 KB

1 Like
10

Thanks!

On our side, we were able to modify SEPA XML ISO 20022 to make it work using US$ currency.

2 Likes
11

There is a “Property” in Epicor called “PayInBankCurrency”. Set to True, and it allows USD.

1 Like