RHB Bank (Cambodia) Plc.

Challenges

The nationwide migration to ISO 20022 began in March 2023. This mandatory introduction of ISO 20022 payment messages across markets impacted many financial institutions, including RHB Bank Cambodia Plc, who would need translation services to accommodate legacy applications that could not handle ISO 20022 native data by the set deadline.

RHB Bank Cambodia faced several challenges in complying with the ISO 20022 standard messaging format for cross-border payments and reporting (CBPR+) while maintaining business as usual and without disrupting ongoing operations. Dealing with relatively low to moderate transaction volumes, the bank needed a solution that could assure adherence while lowering the extent of investments and avoiding any significant infrastructure changes. The limited internal expertise in ISO 20022 posed difficulties in driving technical integrations and adopting the new format, creating the need for external support.

The Outcome

As the leading service bureau for Swift in APAC, Bottomline has fostered a strong fintech partnership and provided unwavering support to RHB Bank Cambodia since 2017. Leveraging this collaboration, the Bank turned to Bottomline's Transformation and Enrichment Service (TES) during the transition period. TES was employed as a translation solution to seamlessly convert ISO 200022 messages into legacy format and vice versa. This approach enabled internal migration to take place at the Bank’s chosen pace while handling counterparty migration by operating on just one standard.

Using TES, the organisation avoided upgrading its entire Core Banking System while ensuring compliance with Swift’s CBPR+ ISO 20022 standards and meeting the allocated financial investment budget.  Bottomline’s team provided dedicated support and training throughout the migration journey, equipping the internal technical team with the necessary expertise to effectively manage the new CBPR+ ISO 20022 messaging format.

• By seamlessly integrating TES with its core banking system, RHB Bank Cambodia has successfully fostered an environment of enriched data interactions within Swift’s CBPR+ ISO 20022 messaging standards with minimal disruption to ongoing operations.
• This step towards ISO 20022 readiness has boosted interoperability, efficiency, and customer-centric offerings, solidifying the Bank’s competitive advantage in a rapidly changing financial landscape.
• The standardised format of ISO 20022 ensures transparent, consistent, and accurate data exchange while reducing the risk of errors and enhancing overall data quality.

As such, RHB Bank Cambodia can now rely on more reliable and accurate data to drive business operations and deliver a more personalised and tailored customer experience.

Benefits

1. Foster enriched data interactions within Swift’s CBPR+ ISO 20022 standard

2. Ensure transparent, consistent and accurate data exchange, reducing the risk of errors

3. Enhances interoperability, efficiency and customer-centric offerings for a tailored customer experience

"RHB Bank (Cambodia) Plc. has benefited from the expertise of a project manager who exhibited exceptional commitment and dedication throughout the implementation process. Bottomline's subject matter expert demonstrated extensive familiarity and knowledge in the domain, ensuring a seamless and successful project execution. We felt privileged to have the support of an experienced technical resource from Bottomline to strengthen our implementation efforts."

Lim Chin Wan, Chief Technology Officer, RHB Bank (Cambodia) Plc.