Beyond ISO 20022 Connectivity, the Road to ISO Native (UK)
The message from SWIFT at Sibos 2022 was that even if changing key dates brings a bit of confusion, the emphasis should be on getting the implementation right straight off the bat, rather than rushing the process which could result in potential problems further down the line. However, SWIFT and the industry also agreed that you shouldn’t delay too long as the sooner you can take advantage of the benefits of ISO 20022 and start exploring new use cases to gain competitive advantage over other banks & FIs the better.
Getting it right should involve implementing ISO in several steps & also leveraging support from centralised platforms to help with speed, simplification, cost and hitting deadlines.
- ISO Native - transitioning to ISO Native where ISO 20022 is integrated across your whole payments ecosystem, and you can reap the rewards of optimum operational efficiency
- Market-Ready - fully leveraging and managing the rich data that will be available through ISO by being able to manage truncations.
- Connectivity Only - ensuring compliance and using translation services where necessary.
We aren’t fully aware of all the use cases for ISO 20022, and we won’t find them all out until we have integrated ISO fully, started brainstorming and having a play around. However, the wider benefits that we do know include - high-levels of transparency, better customer service, and of course, improved operational efficiency. Afterall, ISO 20022 is designed to ensure that elusive full end-to-end automation by being the only 100% machine readable format, allowing banks & FIs to reduce costs and any risks related to manual interventions.
With over 250 customer projects completed and ongoing across financial institutions, Bottomline are ideally placed to provide feedback on the current situation and a view into the likely future of the co-existence period. This the 4th webinar in our series to support and provide information to ensure best-in-class migration of payments messaging to ISO 20022.
- Overview of current ISO 20022 adoption – Beyond March 2023
- What are the challenges in ISO 20022 beyond ‘Connectivity Only’ adoption and how can these barriers be overcome?
- What is the role of transformation and enrichment in supporting the move to ISO 20022?
- What are the risks of delaying migration?
- What are the new opportunities that will arise from being ISO Native and which key drivers should banks & FIs focus on?