ISO 20022: Understanding the scale of change

Isabel Schmidt
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Isabel Schmidt: BNY Mellon Treasury Services, USA

Journal of Digital Banking, 2020, vol. 5, issue 2, 126-136

Abstract: Payments are set to undergo phenomenal change. The industry-wide move from existing payment messaging formats to ISO 20022 incorporates cross-border, high-value payments/wire transfers and will touch the payment life cycle end to end. As the implementation deadlines draw nearer, the implications for banks are more wide-reaching and involved than many have yet to fully comprehend. This paper examines what is changing, what banks will need to consider and the opportunities that are being presented.

Keywords: ISO 20022; payments; SWIFT; coexistence; technology; data; operational efficiencies; risk management; straight-through processing; artificial intelligence; real-time payments; client experience (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jdb000:y:2020:v:5:i:2:p:126-136

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