The scope of the transition to ISO 20022, and its benefits, have yet to be fully quantified. International payments will undoubtedly become more efficient, since this is a flexible and interoperable standard. The result will be more intuitive user experiences, fewer payment errors, and more efficient operations in real time.
A key differentiator for the new format is that it will provide a significant amount of data on market performance and customer preferences. This, in turn, will give rise to new products and disruptive services, expanding digital finance in Latin America.
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