ISO 20022: Are you ready?
November is set to be a watershed moment for the payment industry, with the Eurozone and SWIFT migrating to ISO 20022 – the new global payment messaging standard. As this deadline approaches, stakeholders should now be engaged in last-minute preparations, including final testing, readying applications, fine-tuning processes and training operational and service staff.
As part of this journey, several other high-value payment systems – including those in Singapore, Malaysia, and Thailand – have already gone live with the new standard. One of the key takeaways from these early adopters has been the need to “expect the unexpected”.
With so much to consider, Deutsche Bank’s Paula Roels, Head SWIFT & Market Infrastructures, speaks to The Banker’s Liz Lumley as part of the Fresh Perspectives video series, covering final preparations, how migration challenges can be met and how ISO 20022 opportunities can be realised.
For a comprehensive look at the current state of each market infrastructure, as well as an update on SWIFT's Transaction Manager, the evolution of the Relationship Management Application, and future initiatives that could further harmonise payments – take a look at the fifth and final edition of Deutsche Bank's Guide to ISO 20022 migration series of flow special white papers.
Click here for a downloadable PDF copy of the whitepaper, Guide to ISO 20022 Migration, Part 5