-
Road to Sibos 2021
By November 2022, the correspondent banking as we know it will fundamentally change. Not only is our industry migrating to ISO 20022, but SWIFT is introducing its new Transaction Manager affecting all banks operating on the SWIFT network
At the same time, our industry must move forward to capitalise on continued growth of wholesale and retail business. Much progress has already been made with gpi in terms of client experience and increasing speed, tracking and traceability. Taking this as the foundation, our industry is in a good position to offer similar services for small and medium-sized enterprise (SME) processing consumer low value payments. And as the industry edges closer to “real-time” we also need to look at ways to link domestic and regional systems in order to further streamline account-to-account payments.
Finally, we should not lose sight of the wider picture. Whereas regulation, AML and counterterrorist financing will always remain focal aspects of international payments, development in technologies could also impact our future businesses. Central Bank Digital Currencies, for example, could play a crucial role in innovation, spurring competition and efficiency in payments.
As we build up to Sibos 2021, Deutsche Bank will be conducting a number of dedicated sessions covering important topics such as correspondent banking and international payments. As a leading intermediary in the cross-border space, our aims are to not only help you prepare for coming change, but collaboratively identify areas in which we can future proof our industry.
Join us for upcoming dedicated focus webinars in the build up to Sibos 2021.
Listen to our webinar recordings
June 2021
Migration to ISO 20022 – Lessons learned during the first orchestrated street-test
As the corresponding banking industry gets ready for the migration to ISO 20022 starting in November 2022, many financial institutions are beginning to prepare their systems for testing scenarios. One of the first major tests between SWIFT and seven large transaction banks is taking place mid-June 2021. This so called “street test”, approximately 18 months prior to the go live date, will give a good indication as to whether the industry is on track and, importantly, what still has to be achieved to ensure we make this a success.
July 2021
Central Bank Digital Currencies – what is the impact on cross-border payments?
Recent discussions on the introduction of Central Bank Digital Currencies (CBDCs) have moved from ‘if they are coming’ to ‘when they are coming’. Indeed, efforts across the globe to introduce CBDCs are gaining momentum, with more than 85% of the world’s central banks undertaking some form of exploration.
These central banks currently find themselves at different levels of advancement. Some are working on “proof of concept” testing, while others have actually launched a pilot program or are in full development. But to what extent could CBDCs actually disrupt the financial system?
Financial institutions are keen to understand the potential impact on cross-border payments as a means to make payments faster, cheaper and more reliable.
There are of course many preconditions for CBDCs being used as a tool for cross border payments. These include among others improving regulatory, supervisory and oversight frameworks in addition to the key element of making them interoperable.
More in the series
Q4 2021
Correspondent Banking – an industry in flux
This session looks at how the industry continues to transform following the introduction of gpi. This session looks at how banks can capitalize on current dynamics in the market.
More information will follow soon.