ISO20022 Readiness: A Stepping Stone for Payment Modernization
As the deadline for ISO 20022 implementation for cross-border payments and reporting approaches, banks find themselves in a delicate balancing act. They are stretched between managing multiple priorities, from ensuring regulatory compliance to reducing operational complexity for the growing volume of digital payments, allocating budget for cloud-enabled payments technology, and identifying efficient business use cases that could unlock new revenue opportunities.
Native adoption of ISO 20022 will have vast implications across payments value chain. Higher quality data means better payments for all: to improve customers’ experience with richer information, to ease invoices reconciliation, reduce manual intervention, to correct or investigate payments with structured data or support customers profiling with better data analysis on the nature of payments processing.
To fully realize the advantages of the ISO 20022 standard, institutions must adopt a forward-thinking approach and use the momentum for setting up a foundation for a wide payment modernization journey. How to speed up the deployment with model bank approach, leverage cloud capabilities, and mitigate risks of transformation – will be discussed at the event.