ISO 20022 – the backbone of payments in Europe. What opportunities will it present to financial institutions?
The payments landscape is undergoing a period of great transformation, driven by the global adoption of the ISO 20022 standard. Acting as the backbone of payments, ISO 20022 facilitates the harmonization of formats and data components from multiple payment methods that could not previously work together. Today, ISO 20022 standard messages are already used by many real-time and low-value clearing systems. Beginning in Q2 2022 with the Bank of England’s CHAPS migration to the new UK RTGS system, ISO 20022 has started to gradually become the global standard for payments messaging on high-value systems as major clearing systems migrate to this standard. In Europe, transition will continue with TARGET2 and EURO1 in November 2022.
Default Finastra
Watch the replay of this webinar to find out:
- How can banks benefit from the implementation of ISO20022?
- How will it enable the improvement of security (e.g. fraud detection)?
- What are the challenges for banks when moving to ISO20022?
- How can financial institutions control and use the new data gained?
