- How is ISO 20022 evolution enabling the modernisation of payments infrastructure?
- How are financial institutions navigating the shift from old payments systems to new schemes in ISO 20022?
- What are the areas of business value that will be improved through effective ISO 20022 adoption?
Payment systems, especially when it comes to international payments, are in the midst of transformation as more financial institutions engage in ISO 20022 adoption. The transformation continues to be challenging, particularly because managing the flow of reference data through various transactions and shifting schemes to ISO 20022 will require centralised payment processing and interoperability between systems.
The move will create a better view on data analytics for institutions, permitting banks to offer more personalised offerings and services to their customer base. Benefits of ISO 20022 include reducing technological footprints and creating a more harmonised transaction infrastructure.
The abundance of rich data is a defining factor as financial organisations adopt ISO 20022 standards, and more banks are looking to capitalise from that data through greater insights, better reconciliation rates, automation and efficiency opportunities, improved customer service and improved fraud detection capability. Additionally, banks need to consider regulatory demands from authorities and how to manage customer and transaction screening. Banks should be open to considering how ISO 20022 can benefit every element of their business to leverage its true value.
Sign up for this Finextra webinar, hosted in association with FIS Global, to join our panel of industry experts who will discuss how ISO 20022 evolution will impact the future of international payments.