Leveraging ISO 20022 to extract value from data
The payments industry relies on data every day. It is through this data that consumers are able to receive salaries, pay bills and make purchases. But financial institutions are under increasing demand to ‘open up’ data to third parties. This is largely driven by the Fintech community and regulators who recognise that enhanced data has the potential to stimulate innovation. With data being described as the ‘new oil’, how can financial institutions utilise this data effectively in order to stay competitive?
ISO 20022 is a flexible data standard that is viewed as a “common global language” allowing organisations to share information using consistent terminology and formatting. This provides opportunities to develop a data strategy that enables banks to extract and monetise data across multiple payments infrastructures, globally.
With the celebration of its fifteenth birthday, we released a whitepaper on ISO 20022 exploring the reasons why it has become the ‘de facto’ standard for payments, how banks can extract value from it and what of the benefits of it are, as well as how to navigate the migration to ISO 20022.
Download the report to read more.