New online service is tailored to meet the needs of Canadian financial institutions
OTTAWA, March 26, 2019 – Payments Canada has completed its pilot project and is now offering an optional online Payments File Validation Service (PFVS) to financial institutions in Canada. The service, which is powered by XMLdation, supports the industry-wide migration to the global payment messaging standard ISO 20022.
The PFVS enables real-time editing and online validation of test payment data against the requirements of ISO 20022, as well as other payment file types and business rules. This provides financial institutions that choose to subscribe with a flexible, efficient way to ensure that payment files they receive from their corporate clients are formatted correctly for that institution.
Two major Canadian financial institutions have already subscribed and are using the service. To learn more about the Payments File Validation Service, contact Payments Canada.