Nth Exception launches Nucleus — an ML data fabric meant to ease ISO 20022 adoption
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Nth Exception, a fintech firm based in the UK, recently announced the launch of Nucleus — its machine learning (ML) data fabric meant to ease the adoption of ISO 20022 for financial institutions.
How can Nucleus help?
Nucleus is led by Akhil Rao, an ISO 20022 payments specialist and managing director. Under his leadership, Nucleus will use artificial intelligence (AI) to help financial organizations shift to ISO 20022, and along the way, facilitate the restructuring of payments systems and operations.
Furthermore, Nucleus can also pre-validate payee account information for cross-border transactions, as well as validate Legal Entity Identifiers (LEIs). It can automate remittance data, as well as structure unstructured postal addresses. On top of that, it offers a number of features that will make it a great tool for Nth Exception’s clients.
The tool is also aligned with Swift initiatives, as well as the Bank of International Settlements’ (BIS) commitment to the adoption of the new ISO 20022 regulations.
Commenting on its launch and capabilities, Rao said that Nucleus stands as a beacon of progress in a world where innovation, collaboration, and recognition define success. It can show how new partnerships and open invitation for collaboration can help push the industry forward.
Nth Exception also announced that its new ISO 20022 migration governance tool, created in partnership with IBM. is now available.
Nth Exception offers a variety of other tools for pushing financial inclusion
The company’s website notes that 87% of high-value payments systems will migrate to ISO 20022 by the end of 2025. In addition, SWIFT started its own migration to ISO 20022 back in March of this year, which further complements the prediction that others will soon follow.
This is where Nth Exception comes in, as it specializes in helping clients adopt the ISO 20022 financial messaging. Apart from the mentioned tools and features, the firm also offers ISO 20022 Translator, Standards Mapping, Systems Integration, and Advisory, all created for the purpose of ensuring easy, seamless adoption.
Developing these tools is part of the company’s vision of becoming the leading provider of simplified payment solutions that enable financial inclusion for everyone. Nth Exception seeks to empower both individuals and small businesses around the world. To achieve this goal, it makes domestic and international payments more affordable, accessible, and transparent.
In other words, the firm intends to break down any potential barriers that stand in the way of creating a more equitable society by pushing financial inclusion, regardless of location or one’s socioeconomic status. But, this would not be possible without its innovative technology, such as Nucleus itself, as well as strategic partnerships that help make it happen.
