ISO 20022 migrations journey: how to accelerate it, make it right and reap the benefits

The financial industry is migrating towards a new global open message standard for payments, ISO 20022, in many jurisdictions across the world.

The benefits of ISO 20022 in terms of flexibility, structure and richness are well known. Although the migrations are based on the same ISO 20022 technical standard, using a common format and dictionary, they all have different practice rules, implementation guidelines, timelines, paces, and approaches.

Combined with latest AI and ML technologies, ISO 20022 will enable financial institutions to target higher straight through processing (STP) and enhance compliance transparency, while reducing cash processing costs and increasing transaction speed.

While budget, implementation and operational challenges must not be underestimated, engaging early in ISO 20022 migrations provides financial institutions tangible opportunities to get a competitive advantage.

The session will identify opportunities to accelerate the migrations journey, make it right and reap the benefits.