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.