Mitigating the Risk and Accelerating the ISO 20022 Migration to Achieve a Seamless real-time, High-value and Cross-border Payment Journey
ISO20022 will create a common language for payments data across the globe, standardising a new data model that will yield efficiencies and improvements in customer experience. Commercial banks will become more flexible and realise longheld ambitions for Straight Through Processing (STP). However, they must embark on extensive change programmes to achieve compliance.
In more than 70 countries, ISO 20022 is replacing existing domestic or legacy payments messaging formats. With all reserve currencies preferring ISO 20022 standards, it is estimated that within the next 5 years, over 80% of high-value payments will be based on these standards.