The ISO 20022 Universal financial industry message scheme is a standard that signals a major opportunity for banks to improve payment processes and reassess business models.
The scheme is not a new concept; it was first published in 2004 with the aim of becoming the global standard for payments messaging. However, it is only with rising globalisation and the increasing need for interoperability of payment flows that the standards have gained momentum – pushed further by the wide global adoption of instant payments.
ISO 20022 provides richer information flows, higher levels of straight-through processing and a more efficient compliance process. The results will be far greater customer satisfaction, improved digital fulfilment of compliance requirements, and faster, more flexible implementation or deployment of new data driven services or regulatory requirements.