- Deluxe (DLX, Financial) announces its ReceivablesR360+™ platform is now fully ISO 20022 enabled, enhancing payment integration and compliance.
- Partnership with IBM facilitates the ISO 20022 transition, consolidating payment channels into a unified data system.
- ISO 20022 becomes the standard for financial messaging due to its robust data structure and federal mandates.
Deluxe (DLX), a well-regarded company in the Payments and Data industry, has officially announced that its ReceivablesR360+™ platform is now fully compatible with ISO 20022 standards. This achievement represents a substantial leap forward in Deluxe's efforts to provide seamless payment type integration across its receivables suite, fulfilling federal government mandates for financial messaging.
To accomplish this integration, Deluxe partnered with IBM Consulting and the IBM Payments Center team. Leveraging IBM's expertise in data and integration, Deluxe has simplified the process by unifying all payment channels into a consolidated data model, allowing for more straightforward communication with ERP systems. This approach not only reduces the onboarding time but also expedites the value realization of the data-rich ISO 20022 format.
The ReceivablesR360+™ platform offers financial institutions several integrated capabilities, including Lockbox services, Remote Deposit Capture, and dispute resolution, all within a single, intelligent framework. According to John Rubinetti, President of B2B Payments at Deluxe, the company is positioning itself to expand partnerships and provide a modernized payments ecosystem, better compliance, and real-time data benefits to customers.
The adoption of ISO 20022 as the global standard for financial messaging is driven by its ability to enhance consistency, data richness, and interoperability in electronic data exchanges. This development marks a pivotal point for financial institutions aiming to keep pace with industry benchmarks and government directives.
Deluxe's significant position in the industry is further emphasized by its vast scale, catering to millions of small businesses, numerous financial institutions, and leading consumer brands, processing over $2 trillion in annual payment volume.
