Leveraging rich and structured ISO20022 payments data for efficiency gains and monetisation opportunities
Volume 2: August 2023
After multiple delays and years of rigorous preparation, the migration to ISO 20022 for cross-border payments and reporting (CBPR+) officially began on 20 March 2023 (Day 1). The day marked an important milestone for the global payments industry. We are now in the coexistence period, where both MT and ISO 20022 messages will be supported, and financial institutions will focus on completing the migration to new standards by November 2025 (Day 2).
As financial institutions have completed the message translation earlier this year, this newsletter explores the possible efficiency improvements and payments data monetisation use cases. It also delves into the additional work required by financial institutions from a technology and operations standpoint to bring these use cases to life. It also explores potential challenges and avenues for value realisation from the enhanced and more structured and enhanced payments datasets.
Back to the main page
This newsletter is a source of key insights relating to the evolution of payments systems.
Key takeaways
The global acceptance of ISO 20022 messaging standards as the de-facto standards for both domestic and cross-border payments, will result in the generation of a rich and structured payments data. This will open new avenues for industry participants to explore additional revenue-generation services and increase operational efficiencies with a data-driven approach. To reap the benefits of ISO 20022, industry participants will need to ensure their systems and processes are equipped to manage rich ISO 20022 datasets.
