Pain001: Automate ISO 20022-Compliant Payment File Creation

Pain001 Is a Powerful Python Library for ISO 20022 Compliant Payment File Creation from CSV or SQLite Data Files, simplifying Payment Automation and Processing

Overview

Today, the payment industry is experiencing a rapid evolution and transformation as it moves towards adopting ISO 20022 as the new norm. ISO 20022 is a global standard for sharing financial information across organisations. It provides a harmonised protocol used by banks, corporations, and financial institutions to automate and standardise payment transactions.

Here are some of the benefits of using ISO 20022:

• Improved data quality: ISO 20022 messages are more structured and detailed than traditional payment messages, reducing errors and improving efficiency.
• Increased transparency: ISO 20022 messages provide more information about the payment transaction, which can help to improve the visibility and traceability of payments.
• Enhanced compliance: ISO 20022 messages can help organisations follow AML/CFT and PSD2 regulations.

Overall, ISO 20022 is a significant improvement over traditional payment messaging standards. It provides a more efficient, transparent, and compliant way to process payments.

What is Pain001

Pain001 is a unique toolkit to support ISO 20022 Adoption and Migration for Cross-Border Payments. The Python library takes full advantage of the ISO 20022 standard to automate the creation of on payment initiation files, commonly known as PAIN (PAyment INitiation).

Cross-Border Payments usually start with a pain.001 payment initiation message. The payer sends it to the payee (or the payee’s bank) via a secure network. This network could be SWIFT or SEPA (Single Euro Payments Area) network, or other payment networks such as CHAPS, BACS, Faster Payments, etc. The message contains the payer’s and payee’s bank account details, payment amount, and other information required to process the payment.

Pain001 can reduce payment processing complexity and costs by generating ISO 20022-compliant payment files. These files automatically remove the need to create and validate them manually, making the payment process more efficient and cost-effective. It will save you time and resources and minimises the risk of errors, making sure accurate and seamless payment processing.

If you are seeking to simplify and automate your payment processing, consider leveraging the capabilities of Pain001.

Features

• Easy to use: Both developers and non-developers can easily use the library, as it requires minimal coding knowledge.
• Open-source: The library is open-source and free to use, making it accessible to everyone.
• Secure: The library is secure and does not store any sensitive data, making sure that all information remains confidential.
• Customizable: The library allows developers to customise the output, making it adaptable to specific business requirements and preferences.
• Scalable solution: The Pain001 library can handle varying volumes of payment files, making it suitable for businesses of different sizes and transaction volumes.
• Time-saving: The automated file creation process reduces the time spent on manual data entry and file generation, increasing overall productivity.
• Seamless integration: As a Python package, the Pain001 library is compatible with various Python-based applications and easily integrates into any existing projects or workflows.
• Cross-border compatibility: The library supports both Single Euro Payments Area (SEPA) and non-SEPA credit transfers, making it versatile for use in different countries and regions.
• Improve accuracy by providing precise data; the library reduces errors in payment file creation and processing.
• Enhance efficiency by automating the creation of Payment Initiation message files
• Accelerate payment file creation by automating the process and reducing the time required to create payment files.
• Guarantee the highest quality and compliance by validating all payment files to meet the ISO 20022 standards.
• Simplify ISO 20022-compliant payment initiation message creation by providing a standardised payment file format.
• Reduce costs by removing manual data entry and file generation, reducing payment processing time, and reducing errors.

Explore the impact of ISO 20022 on the payments industry and learn about Pain001’s solutions for generating ISO 20022 payments.