The decision by major central banks and SWIFT to migrate to ISO 20022 is a watershed moment for the payments industry
Over the next few years, the US Federal Reserve and The Clearing House, the Eurosystem and EBA Clearing and the Bank of England’s real-time gross settlement service will all modernise their high-value payment systems with ISO migration – bringing new data components and the possibility to transfer far richer information along the payments chain.
This not only promises greater interoperability between various settlement networks, but should mean simplified global business communication, richer information flows, higher levels of straight-through-processing and more efficient compliance processes. For some market participants, this could be used as an opportunity to reassess existing business models.
The migration to ISO 20022 has far-reaching implications for all banks, corporates and other important financial stakeholders. It is probably the most impactful payments industry undertaking since the introduction of the Single Euro Payments Area (SEPA) more than a decade ago, and will require CEO commitment, allocation of appropriate budgets, resources and project teams given that a multitude of areas will be affected across institutions.
This is not simply “another IT project”. Deutsche Bank’s series of guides on this topic, produced in collaboration with PPI, aim to outline exactly what we can expect between now and 2025, creating awareness of the impact of ISO 20022 implementation and sharing best practices for approaching a project of such magnitude. The first in the series focuses on the implications for banks, with future editions turning to assess how corporates can best plan for the changes.
Read the first edition of the “Ultimate guide to ISO 20022 migration” below.
Head of Cash Products | Cash Management | Deutsche Bank
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