Such is its potential impact that banks and financial institutions cannot afford to think of their implementation of the new standards as just another IT project, or a box-ticking exercise.
ISO 20022 represents an opportunity for banks to reinvent the way they operate and prepare for a digital future.
Significant changes are on the horizon for banks and financial institutions whether or not they acknowledge the opportunity presented to them.
There are a multitude of operational, infrastructural, and technical considerations and rising to meet them will be key to success.
The standard explores the key factors which will help financial institutions adopt the ISO 20022 standard and use it as a launchpad for future innovation.
The analysis provides guidance on the following key factors of an ISO 20022 migration:
Understanding migration timelines
Evolving legacy infrastructure
Mitigating data truncation
Anticipating the co-existence of standards
Preparing for future interoperability
What is ISO 20022 anyway?
We created an Infographic to explain how ISO 20022 is being used in payments domain and to list important things to understand when dealing with ISO 20022 Payments Messages.
A few of the things we cover in this Infographic:
Important elements in ISO 20022
Examples of ISO 20022 Usages
Naming scheme for ISO 20022
Versions in use in SEPA, 2018
For your training needs call us now;