A key junction for ISO20022 Migration
In the lead up to EBAday 2021, Daragh Kirby, Head of Sales & Marketing, Intercope, highlights where we’re up to with ISO20022, the innovation we are seeing as a result of its richer data, the concerns as we move towards large migrations happening in 2022 and what the increased openness and greater competition mean for the market.
ISO 20022 Portfolio
Here you will see what it would look like to build a separate portfolio comprised of coins that are (or are rumored to be) already compliant with the future of international cross-border payment regulations!
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ISO 20022 Migration | Who Developed ISO 20022 ?
Identitii talks ISO 20022 migration
Join Identitii’s Clare Rhodes and Finextra as they discuss the implications of ISO 20022 adoption for the world’s global banks, and how it doesn’t need to be a ‘significant and complex’ undertaking if you handle settlement data separate to clearing, remittance and regulatory reporting information.
ISO 20022 is about getting more information to travel with a payment for reporting, compliance and reconciliation. Instead of trying to inject this data into the value message, Identitii has created Overlay+ to work with existing payment systems to take any form of structured or unstructured data and write it to a distributed-ledger database, enabling it to be indexed and recalled as needed by the relevant participants, including creditors, debtors, banks or regulators.
ISO 20022 Migration: What should you keep in mind when translating MX-MT messages?
RedCompass Labs helps financial institutions deliver profitable, secure, end-to-end payment and financial crime services and solutions. Find out how: https://www.redcompasslabs.com
In December 2021, SWIFT announced the availability of its new In-flow Translation service, intending to support banks to be ready for the November 2022 start of the ISO 20022 migration period.
Banks across the globe are decommissioning their networks supporting the legacy MT format by November 2025 and transitioning to ISO 20022 en masse, following SWIFT’s decision to implement the standard for cross-border payments and the move of many RTGS (real-time gross settlement) to this standard.
Watch our new Payment News Under the Lens video and learn why the migration is so complex for banks, what are the top challenges for banks choosing the translation approach, and how banks can overcome these challenges.
0:20 What’s new with ISO 20022?
1:37 Why is this migration causing issues for banks?
3:06 How can banks deal with this messaging mismatch?
3:31 What are the top challenges for banks choosing the translation approach?
5:52 What are the next steps for banks?
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