Fraud, Cash Positioning, and the Route to ISO 20022 Native
Now that there is an increase in the types and amount of data up for grabs, to remain viable competitors in this age of digital transformation, financial institutions must revise how they obtain, retain, and aim to use financial data – while also ensuring that it is not siloed, and APIs are being leveraged.
With modern technology reinforcing the accretion, filtering, and sharing of data at scale and at low cost, as the quality of data improves, technologies such as AI and ML, which require large data sets, are better situated to utilise data analytics to enhance compliance with payments standards and improve fraud monitoring and management.
ISO 20022, to which connectivity will become mandatory in November 2022, has the potential to take banking digital transformation to the next level.
With the ability to deliver much more detailed data, issues with misinterpretation are reduced. This reduces transaction costs, optimises business cycle cashflow, improves intraday liquidity management with real-time views of payments and enhances cash position visibility.
With the testing window for ISO 20022 connectivity having concluded in February 2022, what more must banks do to ensure they are market-ready for the mandatory deadline for receiving and processing ISO messages in November of this year?
Financial institutions must also question whether connectivity is enough: should banks leverage the full potential of ISO 20022 to transform their long-term strategy and scale up to become ISO 20022 native? Satisfying the minimum compliance requirements is no longer enough.
Join this webinar from Finextra Research, in association with Bottomline Technologies, to hear industry experts discuss the following points and more:
ISO 20022 testing to meet the SWIFT and market infrastructure deadline in November 2022.
How can banks ensure they maximise on their investment to move towards becoming a digitally first institution?
How can financial institutions build on being ISO 20022 native to improve payments across your whole ecosystem for fraud, cash positioning and digital overlays?
If institutions are connectivity or market ready, what are the next steps and timelines that should be considered to become ISO Native?
The benefits of a coordinated strategy leveraging APIs to ensure silos within institutions are a thing of the past.
Charles de Rouge, Head of SaaS Solution – Financial Messaging, Bottomline Technologies
Gary Wright, Head of Research, Finextra
Becky Clements, Head of Industry Engagement, Pay.UK
Christopher Gardner, ISO20022 Tribe Co-Lead, Cash Transformation, Corporate Bank Technology, Deutsche Bank
Mark Sutton, Senior Manager, Zanders