Guide to ISO 20022 migration: Part 3
In 2019, recognising the magnitude of the transformational initiative underway in the payments world, we launched a series of guides to ISO 20022 migration. These were designed to help the industry navigate and understand the evolving journey towards a single global payments standard. The Deutsche Bank team now presents Part 3 of this journey in advance of Sibos 2020
The global migration to ISO 20022 continues (despite the disruptions of Covid-19) and market infrastructure participants are keeping a close eye on the road ahead.
In March 2020 SWIFT announced a revised strategy, centred on the introduction of a central Transaction Management Platform (TMP), and this brought a fresh nuance to the migration story.
The TMP will provide end-to-end orchestration of transactions and allow the industry to move away from point-to-point messaging and towards central transaction processing. In order to build the new platform, SWIFT decided to put back the migration in the correspondent banking space by 12 months to November 2022.
Shortly after SWIFT’s announcement to postpone, many regions were locked down as a result of the pandemic, and market infrastructures have announced revised migration approaches as the community grappled with a very different normal. These include the ECB, EBA CLEARING and the Bank of England.
Full speed ahead
Despite shifting timelines and strained resources, banks, corporates and their vendors should not view ISO 20022 migration as just another project that can be put on the back burner. The delays to the migration in the correspondent banking space, and across several market infrastructures, does not mean that market participants can take their foot off the pedal. The journey to ISO 20022 is still moving ahead at speed – and internal projects need to reflect this.
At Deutsche Bank, we remain focused on this destination and are here to guide you on the way. Through a series of deep dives, case studies, and points of attention drawn from our own internal analysis, our Guide to ISO 20022 migration: Part 3 aims to provide all the information you need to continue moving forward on your migration journey.