Adoption of global market practice for payments will pave the road to a successful global migration to ISO 20022

Isabelle Bouille and Tanja Haase

Journal of Payments Strategy & Systems, 2019, vol. 13, issue 2, 104-112

Abstract: As digital technology transforms the payments landscape, existing standards are no longer fit for purpose. Adoption of ISO 20022 — a newer, richer and more flexible standard — will enable market infrastructures to offer customers more innovative and efficient services. Reflecting this trend, SWIFT is embarking on the phased migration of payments messages to ISO 20022. However, the success of ISO 20022 risks creating problems if there is too much variation in the way it is implemented. Such variation would fundamentally undermine the value of the standard itself. This article will explore how extensive consultation with the industry has provided a framework for SWIFT’s ISO 20022 migration strategy. A collaborative approach to standards and adoption of global market practice is being taken to build on the success of ISO 20022 and ensure innovation continues in the cross-border payment landscape.

Keywords: international payments; ISO 20022; harmonisation; digitalisation; standards; market practice; gpi (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2019:v:13:i:2:p:104-112

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