Navigating the P27 Shift for Businesses
In this article, we won't dive deep into the background or timeline of P27. Chances are, if you're reading this, you're already aware that P27 is on the horizon and your financial processes must evolve. So let's cut to the chase. To adapt to P27, businesses must upgrade or change their ERP or expert systems to handle ISO 20022 files and transition from BGC to direct bank integration. While this may seem straightforward on paper, the reality is much more complex. Each bank has its own set of business rules (MIG) for the ISO 20022 standard and unique requirements for handling file communication. For companies dealing with multiple banks, it can get a little tricky managing various payment rails.
Additionally, many businesses still rely on legacy or on-premises systems with outdated financial processes. To prepare for P27, you'll need assistance from your ERP partner to develop a solution on an hourly basis or hope that a future version will address your needs, provided you can upgrade in time. This migration process will be expensive and pose operational risks.
Supporting Banks Through the P27 Challenge
Although banks may have been ISO 20022 ready since the SEPA implementation in 2016, they have likely been juggling multiple payment formats simultaneously. Supporting various payment rails on complex core systems is challenging. Up until now, banks have gradually onboarded businesses, ERP systems for the SMB segment, and service providers like Aritma. However, the impending deadline means that all businesses must be onboarded within a limited timeframe, presenting significant challenges in terms of capacity and risk.
Helping ERP Systems and Expert Systems Adapt to P27
For ERP and expert systems, the P27 transition is an opportunity to showcase your capabilities. You'll need to support all those unique bank requirements and help your clients migrate and onboard without breaking a sweat. If you haven't already started your P27 implementation, you will need to wait for banks to prioritize your needs. For on-premises solutions, upgrading clients one-by-one is also required. Alternatively, you can rely on your partners to solve these issues (hopefully) on time.
How Aritma Makes the P27 Transition Seamless
For businesses utilizing on-premises solutions, Aritma Pay offers a seamless transition. Aritma Pay can convert your payment files between Bankgirot or other proprietary formats and ISO 20022, enabling you to connect with the P27 infrastructure in no time, without altering or upgrading your ERP system or expert system.
And for those businesses seeking a future-proof API platform that connects to the P27 infrastructure, Aritma Open Finance Platform has you covered. Our API platform makes handling P27 communications effortless. It's perfect for ERP systems solving the customers need; for ERP partners creating add-ons for the ERP marketplace; for enterprise customers building their connectivity, and anyone wanting to leverage real-time financial data for insights and innovation.
Banks, partnering with Aritma during the P27 transition means having a reliable and knowledgeable support team, by significantly reduce the time spent onboarding new businesses seeking direct connections. We'll handle inquiries, provide support, manage SLAs, and help you navigate the challenges that come with the transition.
In conclusion, Aritma's solutions make the P27 transition manageable for businesses, banks, and ERP systems alike. With our expertise and innovative technology by your side, you can streamline your migration process and secure your position. In other words, you'll be well-prepared for the evolving financial landscape. So, don't hesitate to reach out to us – we're here to make this transition a smooth and successful experience for everyone involved.