Why the migration to ISO 20022 is crucial for your business
ISO 20022 has already been adopted in 70 countries to replace domestic or legacy formats
SWIFT mandated that ANY financial institution processing SWIFT messages must be able to receive and process ISO by March 2023
ISO 20022 will support a predicted 80% of volume and 90% of the value of high value payments by 2025
What is ISO 20022?
MT Messaging is being replaced by IS0 20022 financial messages, which provides rich data with each transaction, enabling everything from enhanced analytics to status tracking, sanction checking and automated invoice reconciliation – all whilst delivering an enhanced experience for end customers.
The global ISO 20022 standard for financial messaging also reduces fragmentation and improves interoperability on key services such as instant payments - domestic and cross-border, Open Banking, API platforms and other overlay services.
How can Bottomline help me choose a tailored solution for my business?
We can leverage our global experience, in particular the 2015 Swiss SIC migration to ISO 20022, to forge a best practice approach. This will involve assessing your institutions unique challenges in order to build a tailored strategy that will help with a speedy and effective migration. On the whole, there is value in your financial institution considering a phased approach or ‘minimal functional requirements’ remit for the ISO 20022 adoption/ migration, that has the agility for you to optimise in the immediate future.
EastWest Bank successfully migrate to PhilPaSS Plus, enabling the bank to receive and send data rich ISO 20022 messages
EastWest Bank had the challenge of complying with the new ISO 20022 message format whilst managing the impact on their core banking system (T24) and the availability of IT support.
Real-time payments and ISO 20022 with Deutsche Bank
We are at a time where ISO 20022 innovation is becoming ever more critical.
Bottomline and Deutsche Bank's Payments and Infrastructure Lead discuss how the introduction of standardised messaging such as ISO 20022 is having a huge impact on operational efficiency, interoperability and customer transparency and how will this impact the speed of roll-out of new banking services and revenue streams.
How do Financial Institutions in EMEA Migrate to ISO 20022, Hit Deadlines and Create New Business Opportunities?
ISO 20022 is predicted to support 80% of volume and 90% of the value of high-value transactions and SWIFT has mandated that ANY financial institution that processes SWIFT messages must be able to receive and process ISO messages by the end of 2022.
However, many banks and financial institutions have underestimated the complexity of the necessary changes of the migration as the transition isn’t just a simple upgrade of process. Existing infrastructure and legacy systems are not sophisticated enough to deal with the speed of integration and transition required.
'Sibos 2022 Lunch and Learn with SWIFT, EBA Clearing, Deutsche Bank and Bottomline'
'Which areas of your company’s cash positioning & fraud monitoring could benefit from the improved data that ISO 20022 provides?'
Supporting solutions
Universal Aggregator IQ
Our cloud-based financial messaging and payments platform provides a single point of access to multiple payment networks (connectivity, processing, monitoring, screening) for Financial Institutions and large corporates through a comprehensive Digital Payments Ecosystem. Accessing multiple payments networks carries heavy overheads, technical complexity and duplication of processes.
Bottomline helps banks address all of these challenges, providing a seamless, single and secure access point to multiple global and domestic payment schemes.
Bottomline SWIFT Connectivity
SWIFT gpi/Universal Confirmations - With more than 660 banks signed-up to the SWIFT gpi service, with the capability to channel payments into over 1,300 country corridors and 150 currencies. Every day, banks send the equivalent of over $300 billion in value and 56% of SWIFT’s 17 million daily messages.
Bottomline Message Vault
Aggregated data and insights under the Bottomline Message Vault and Message Manager solutions leveraging real-time data and tracking capabilities to control the status of your business as well as providing enhanced analytics and intelligence for speedy and accurate decision making.
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