Community Blog

What an Ideal ISO 20022 Migration Looks Like

10 July 2020
by Anne Levonen, Director, Product Management

The payments message migration by major banks and SWIFT to ISO 20022 represents an unparalleled opportunity for banks to reinvent the way they operate and prepare for a digital future.

Such is its potential - comprising of greater interoperability between disparate settlement networks, easier global communication, simpler straight-through processing (STP), and more efficient compliance processes in conjunction with emerging instant payment systems - that banks and financial institutions cannot afford to think of their implementation of the new standards as just another IT project. 

The conversion of an entire infrastructure stack to ISO 20022 compliant solutions would be a herculean task for even the largest and well-capitalised banks. There are a multitude of operational, infrastructural, and technical considerations, and rising to meet them will be key to success not just in the movement towards ISO 20022.

The “Five success factors for an ideal ISO 20022 migration A guide for banks and other financial institutions” report by Fintech Futures explores key elements of success that institutions aiming to transition to ISO 20022 need to accurately identify and assess. These include, amongst others, the ability to understand and handle multiple migration timelines due to adjustment of numerous deadlines, as well as the ability to clearly assess legacy infrastructure and analyse possibilities for complementary back-end systems.

To read the full list of factors and learn more about ISO 20022 Migration, read the Executive Briefing here or watch a related Webinar here.

Anne Levonen
Director, Product Management

Anne Levonen

Anne Levonen has worked in banks and technology companies during her career in Boston, Luxembourg, London, New York, and Jersey City. In July 2019 she joined Volante Technologies in Jersey City as a Director, Product Management focusing on ISO 20022 adoption and related services. 

Anne Levonen
Recent blog posts
Ripple, Visa B2B, SWIFT gpi, Crypto, CBDCs: A Guide For The Perplexed

30 July 2021

Ripple, Visa B2B, SWIFT gpi, Crypto, CBDCs: A Guide For The Perplexed

Most traditional bank cross-border payment services are based on correspondent banking, which is slow, expensive, and opaque. Fortunately there are now a number of viable options for banks to rise to the challenge.

by Ajay Singh Pundir, Director, Global Industry & Regulatory Affairs at Volante

The Three C's Shaping Payments as a Service

13 July 2021

The Three C's Shaping Payments as a Service

Customer, Collaboration, and Cloud – three strategies for banks to consider to make the most of their PaaS integration.

by Domenico Scaffidi, VP, Global Industry & Regulatory Affairs, Volante Technologies