Going Beyond Payments Compliance
The ISO 20022 standard is a new dawn for global payments.
Many major payment schemes, banks and payments providers have already adopted the new standard, which has been designed to replace the older, less flexible formats. Those that have not must do so soon because the compliance deadline for cross-border payments is November 2025.
This paper discusses how banks can seize ISO 20022 as an opportunity to transform and improve business processes and procedures.
Key benefits of ISO 20022 include:
- Richer data
- A global standard
- Future-proofing payments
- Enhanced security
- Cost savings
- Enhanced customer experience
In our experience the new standard offers a unique opportunity to adopt modern methods and technologies and build a better bank that is more agile, robust and future proof.
Download our white paper to find out more about the benefits of the new standard, some of the major challenges, and the role that AI can play in payments modernization and in meeting the ISO 20022 deadline.
- Banks can leverage AI to accelerate their migration to ISO 20022, whilst reducing the costs and mitigating the operational risks
- 75% of firms have adopted AI with a further 10% planning to use it within the next three years (research by the Bank of England).
