WALNUT CREEK, Calif., July 24, 2024 (GLOBE NEWSWIRE) -- PCBB, a leading provider of correspondent banking solutions, is proud to announce that it has attained the Fedwire ISO 20022 Depository Institution Testing Environment (DIT2) certification from the Federal Reserve Bank. This certification marks a significant milestone in PCBB’s commitment to adopting the latest standards for financial messaging, well ahead of the scheduled industrywide, single-day implementation set for March 10, 2025.
ISO 20022 is the global standard for financial messaging that improves data quality, efficiency, and transparency in financial transactions. It is one of the most substantial changes in the payments industry to occur in decades and will be critical to real-time payment processing. ISO 20022 establishes new data fields that facilitate the inclusion of richer transaction data, while enhancing straight-through processing and improving the overall payments experience. By achieving this early certification, PCBB can thoroughly test and optimize its systems, ensuring a smoother and more reliable experience for our customers. This minimizes the risk of disruptions during the official cutover period, maintaining consistent service quality.
"Being among the early adopters of ISO 20022 is an achievement we’re proud of," said Shiva Sandy, Chief Technology Information Officer of PCBB. "This certification solidifies our commitment to providing the latest technological advancements in our solutions to our customers. It allows us to increase our operational efficiency and deliver even more value to our customers."
Sheila Noll, Chief Operating Officer of PCBB, added, "Achieving this certification ahead of the industry deadline demonstrates our proactive approach and leadership in the digital payments sector. Our clients will benefit from improved transaction speed, accuracy, and security. This early adoption also positions us to stay ahead of industry changes and continue to meet the evolving needs of our clients."
PCBB’s early certification for ISO 20022 underscores its ongoing commitment to innovation and excellence in financial services. By adopting this standard ahead of the industry timeline, PCBB is setting a new benchmark for operational excellence and client satisfaction.
About PCBB
PCBB believes in the power of local financial institutions to be the catalyst of small business growth and to enable communities to thrive. Our team is committed to providing not only the tools and knowledge our customers need to serve their clients, but also the partnership and trust they deserve.
Our robust suite of competitive services includes cash management and international services, lending solutions, and profitability and risk management advisory services. These solutions help community financial institutions maximize revenue, increase efficiency, and manage risk. For more information, visit www.pcbb.com.
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Media Contact:
Nancy Ozawa
PCBB
nozawa@pcbb.com
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