Introduced in 2004, the ISO 20022 is a data rich financial messaging standard and structure that has once again become the talk of the town. With migration deadlines fast approaching, the global implementation of the standard is fast reaching a tipping point.
The 2023 deadline for ISO 20022 might seem far away for US Banks, but remember… many global counterparts are already ahead in the game. For example, the UK will adopt the standard by 2022 while the Banks in Australia have already begun to leverage the NPP based on the ISO20022. In addition, by 2025, it is projected that the standard will drive most high value payment systems for all reserve currencies, empowering over 80% of transaction volumes and 87% of high value payments globally.
Unfortunately, the adoption of this rich data, network agnostic, open standard remains widely underestimated, its multitude of implementation obstacles often overlooked.
The complexity of the ISO 20022 and the technological interdependencies of adopting this industry wide standard require a strategic approach to overcome migration and implementation roadblocks and maximize benefits. Listed below are two of the more prominent challenges. Our webinar on Accelerating ISO 20022 Implementation aims to address these challenges and others in further detail while offering strategic solutions.
Legacy systems are not equipped with the ability to handle or support the ISO 20022 format. And while this might be the opportune moment to upgrade and do away with legacy tech, our experts do understand that it is easier said than done. Limited by factors such as budget and timelines, it can be difficult for Banks to swiftly make this transition. An apt analysis of the existing infrastructure can help us guide you on the systems that really need updating, replacing or shielding to Go-Live Faster.
The unexpected pandemic took the world by storm and hasn’t done anyone any favours. With a Bank’s PMO teams already swamped with existing projects involving compliance, regulatory changes, and other scheduled mandatory change initiatives, the availability of time and resources is called into question. How should a Bank that offers cross border payments then plan and execute an effective migration and implementation strategy while dealing with unexpected complexities that a rise within?
ISO 20022’s wide array of business benefits such as lower costs, global interoperability among others, allowing for greater innovation from payment players, is enough to excite most people. However, it’s important to not put the cart before the horse.
Having partnered with multiple Financial Institutions across the United States (and successfully shortened their implementation timelines), Go-Live Faster is committed to helping Banks accelerate their ISO 20022 implementation. Our short 40 minute LIVE webinar will prime you with key strategies to craft a solid implementation plan.
Register today and jumpstart your implementation.