A number of ISO 20022 initiatives are either under way or scheduled to begin imminently. Of the 200 or so initiatives already across ISO domains globally, a significant number are in payments. While for many the move to ISO 20022 is mandatory, there are several benefits to using the standard within payments, and adoption lays the foundation for future efficiencies.
There are a number of different routes to adoption of the ISO 20022 standard, each with their own benefits and drawbacks. In this article in The Paypers, Volante’s Anne Levonen looks at those routes, the pros and cons of each, and what additional considerations organizations must take into account before implementing a plan.