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.
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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.
If you or any of your colleagues are affected by the ISO 20022 migration or personally involved in the ISO 20022 project, you may want to join Deutsche Bank’s virtual focus session on 24 June. Here subject matter experts from the participating banks and SWIFT will give insights into the results, provide valuable lessons that can be learned and share experiences as to how to prepare for such a scenario.
Date: 24 June, 2021 11:00 – 12:00 CET
Moderator: Christian Fraedrich, Head of Cash Business Architecture, Corporate Bank, Deutsche Bank
Romain Reinhard, Head of Instructions Processing, Banque Internationale à Luxembourg
Stephen Lindsey, Platform Evolution Business Lead, SWIFT
Simon Jones, Program Director Payments Transformation, Deutsche Bank
More in the series
28 July 2021 – 10:00 CET
Central Bank Digital Currencies are coming
This session looks at potential consequences for banks. Could CBDCs play a crucial role in innovation, spurring competition & efficiency in payments?
More information will follow soon.
End August 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.