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ISO 20022: Understanding the scale of change

Author

Listed:
  • Schmidt, Isabel

    (BNY Mellon Treasury Services, USA)

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.

Suggested Citation

  • Schmidt, Isabel, 2020. "ISO 20022: Understanding the scale of change," Journal of Digital Banking, Henry Stewart Publications, vol. 5(2), pages 126-136, September.
    • Handle: RePEc:aza:jdb000:y:2020:v:5:i:2:p:126-136
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    More about this item

    Keywords

    ISO 20022; payments; SWIFT; coexistence; technology; data; operational efficiencies; risk management; straight-through processing; artificial intelligence; real-time payments; client experience;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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