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

Author

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  • Bouille, Isabelle
  • Haase, Tanja

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.

Suggested Citation

  • Bouille, Isabelle & Haase, Tanja, 2019. "Adoption of global market practice for payments will pave the road to a successful global migration to ISO 20022," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 13(2), pages 104-112, June.
    • Handle: RePEc:aza:jpss00:y:2019:v:13:i:2:p:104-112
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    More about this item

    Keywords

    international payments; ISO 20022; harmonisation; digitalisation; standards; market practice; gpi;
    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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