The stuff between transactions

From a global perspective the financial industry is rivaled by none when it comes to organizational interoperability, meaning the ability for systems to work with other products or systems in other organizations. At least this is true when talking about financial transactions but when looking at other data sharing the digitalization rate has room for improvement.

Although structures exist for non-transactional data in standards such as ISO-20022, adaptation is slow both at an institutional and authority level as the overall complexity interdomain communication. This is one of the reasons why we at Sendex believe a third party like us is needed and why we develop off-the-shelf solutions such as our “Authority Investigation Request” based on the ISO-20022.auth message family tasked at automating the interaction between investigating authorities and holders of possible financial evidence data.

Room for creativity

With such potential in automating existing data sharing there is a real risk in missing new opportunities. Several new legislations open the possibility for financial institutions to collaborate and share data in several domains including anti money laundering and customer protection to name a few. Transactional workflows could be augmented to involve shared fraud risk assessment or email between institution agents could be replaced by truly encrypted peer to peer messaging with validated recipients it’s only the imagination that limits the possibilities when using the right pair of “solution glasses”.