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
Cashing In: Innovation in Digital Corporate Banking

02 April 2021

Cashing In: Innovation in Digital Corporate Banking

A corporation’s cash cycle - which involves systems and processes ranging from procurement to payables, trade financing and reconciliation - is a useful barometer of its financial health.

by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service, Mercator Advisory Group

Celent Report: Request-to-Pay: A Payments Revolution?

16 March 2021

Celent Report: Request-to-Pay: A Payments Revolution?

Request-to-Pay (RtP) is the new killer app for real-time payments. It is a well-noted fact for banks keen on building a digital future that both real-time payments and open banking should be integral technologies in their respective digital toolboxes. RtP’s are being increasingly deployed as the first overlay services built on top of real-time payment infrastructures.

by Gareth Lodge, Senior Analyst, Payments, Celent