TechDogs-"Stronghold Enhances Payment Network With Strategic Acquisition Of 20022 Labs"

Software Development

Stronghold Enhances Payment Network With Strategic Acquisition Of 20022 Labs

By Business Wire

Business Wire
Overall Rating

SAN FRANCISCO--(BUSINESS WIRE)--#fintech--Stronghold, a leader in innovative digital payment solutions, today announced its acquisition of 20022 Labs, a pioneer in advancing the ISO 20022 financial messaging standard. This strategic move significantly enhances Stronghold's proprietary payment network, StrongholdNET, further aligning it with ISO 20022 standards.

20022 Labs, renowned for its expertise in data-rich payment processing, will bring its knowledge, technology, and relationships to Stronghold. This collaboration aims to drive payment system innovation, providing businesses a competitive edge through operational efficiencies, enhanced treasury management, boosted customer experience, robust regulatory compliance, and both domestic and global interoperability in the digital economy. Strengthening the implementation of the standard in StrongholdNET increases the interoperability between the different payment networks supported in Stronghold’s ecosystem, both traditional and modern.

“This integration aligns with our vision to lead in innovative payment solutions, leveraging 20022 Labs' expertise to propel our platforms, especially StrongholdNET, forward. This acquisition strengthens our position and underscores our commitment to fostering global financial accessibility and efficiency," noted Tammy Camp, CEO of Stronghold.

Mike Sigal, Founder of 20022 Labs, stated, “Our vision is to drive data-rich payments using the ISO 20022 standard for unmatched efficiency and value in digital payment systems globally. I am thrilled that our efforts will advance Stronghold's leadership in this mission.”

Stronghold believes the integration of 20022 Labs with StrongholdNET is not just a merger of two entities but a fusion of visions that promise to revolutionize how all users engage with financial services. By making the ISO 20022 messaging standard accessible to the global developer community on our platform, Stronghold is catalyzing the widespread adoption of this transformative technology. This strategic accessibility will empower developers to build applications that leverage the full capabilities of ISO 20022, fostering innovation and efficiency in payment processing globally.

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Angie Keh

First published on Tue, May 7, 2024

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