6
Osko offers a “Payment with Document” service that allows governments and organizations to send documents attached to payments in near real-time.
Instant Loans service where bank uses SCT Inst and open API banking to credit check loan applicants, transfer funds instantly.
Harbor customs offer just in time customs reporting and payments for import/export at port.
Air travel industry (IATA) looking to work with European banks to remove card payments for travel ticket purchases to collect customer payments directly from consumer accounts.
Going beyond retail payments to add services for corporate customer payments.
Corporate payments
australia
portugal
poland
europe
5
A supermarket chain is leveraging its financial services wing to simplify the checkout process for its client base, using open banking APIs based on PSD2 through its smartphone app. Customers can directly pay at checkout and can receive offers and discounts based on their behavior and past history through the app.
Ability to pay for goods and services directly at the checkout without the need for cards.
Real-time payments at POS
france
4
The U.K. Payment Systems Regulator has issued a specific direction to make sure that the U.K.’s six largest banking groups, covering around 90 percent of bank transfers, fully implement Confirmation of Payee by 31 March 2020.
Gives greater assurance that users are sending their payments to the intended recipient.
Confirmation of payee
australia
3
Osko runs on NPP offers instant funds transfer payment service.
P2P payments can be sent through alias services.
Money transfer apps Tez and Paytm feature chatting capability. Chatting apps WhatsApp and Hike have instant payment mechanisms.
Market leaders Alipay and WeChat use QR code vouchers to integrate instant payments, add loyalty elements to mobile wallet.
Retailers, street food vendors and motorbike taxis display a QR code that customers scan for instant payment.
Government payments use QR codes and underlying faster payment rails.
Make direct real-time payments from an application.
P2P payments
australia
malaysia
india
china
thailand, india, china & singapore
thailand & the philippines
2
Services like Zelle add important capabilities to underlying payment systems, by populating and maintaining directories of aliases, establishing a common user-friendly experience, creating awareness and preventing fraudulent transactions.
PayID is a national alias scheme that allows account holders to link a phone number, email address or company number to a bank account.
the BLIK payment scheme (launched 2017) enables real-time transfers to a beneficiary’s telephone number, assuming it is registered in the BLIK alias database. BLIK allows users to pay through numerous channels, including online, mobile, ATMs, shops, post offices, local administration offices and through various service providers.
AnyID uses an alias beneficiary mechanism to eliminate the need to enter long bank account numbers. Bank account holders register bank accounts against a proxy ID of their National Identity Number or a mobile phone number.
Funds can be transferred using a payee’s mobile phone number or email address assuming the aliases or secondary account identifiers are registered centrally with initiating banks looking up the references at the time of initiation.
P2P payments can be sent through alias services (Proxy Addressing Service) using mobile numbers or a national ID without knowing the bank account information of the recipient.
PayNow in Singapore allows transfers using a mobile number, national identification number and even a company registration number, as a proxy address for the recipient, enabling businesses to migrate from traditional cheques and cash to electronic payments and collections, reducing both costs and risks.
Being able to pay without the need for customers to use long, forgettable account numbers to transfer money to recipients.
Payments through aliases
us
australia
poland
thailand
hungary
malaysia
singapore
1
Osko on NPP allows payment requests to be issued with a description from one or more parties, recipients can then respond with a payment in real time.
Request-to-pay for mobile commerce and e-commerce applications.
The EPC also recently released the “Mobile Initiated SEPA Credit Transfer Interoperability Implementation Guidelines.
Request to Pay enables payments to be pulled rather than sending an invoice or a bill and is due.
The EBA published a blue print (for public consultation) for a Europewide Request to Pay scheme. The blueprint is payment scheme agnostic and the originator of the request can indicate in the message which payment scheme the actual payment should utilize. SCT Inst scheme is set request to pay services as the European Payments Council is due to complete standards for EIPP (E-Invoicing Presentment and Payments) by November 2019.
The ability for individuals, merchants and businesses to pull a payment from a customer or client.
Request to pay
australia
malaysia
europe
uk
EUROPE
Harbor customs offer just in time customs reporting and payments for import/export at port.
poland
Instant Loans service where bank uses SCT Inst and open API banking to credit check loan applicants, transfer funds instantly.
portugal
Air travel industry (IATA) looking to work with European banks to remove card payments for travel ticket purchases to collect customer payments directly from consumer accounts.
europe
Osko offers a “Payment with Document” service that allows governments and organizations to send documents attached to payments in near real-time.
australia
6
Going beyond retail payments to add services for corporate customer payments.
Corporate payments
A supermarket chain is leveraging its financial services wing to simplify the checkout process for its client base, using open banking APIs based on PSD2 through its smartphone app. Customers can directly pay at checkout and can receive offers and discounts based on their behavior and past history through the app.
france
5
Ability to pay for goods and services directly at the checkout without the need for cards.
Real-time payments at POS
the U.K. Payment Systems Regulator has issued a specific direction to make sure that the U.K.’s six largest banking groups, covering around 90 percent of bank transfers, fully implement Confirmation of Payee by 31 March 2020.
uk
4
Gives greater assurance that users are sending their payments to the intended recipient.
Confirmation of payee
Retailers, street food vendors and motorbike taxis display a QR code that customers scan for instant payment.
Thailand, India,
China & Singapore
Government payments use QR codes and underlying faster payment rails.
Thailand &
the philippines
Market leaders Alipay and WeChat use QR code vouchers to integrate instant payments, add loyalty elements to mobile wallet.
china
Money transfer apps Tez and Paytm feature chatting capability. Chatting apps WhatsApp and Hike have instant payment mechanisms.
india
P2P payments can be sent through alias services.
malaysia
Osko runs on NPP offers instant funds transfer payment service.
australia
3
Make direct real-time payments from an application.
P2P payments
P2P payments can be sent through alias services (Proxy Addressing Service) using mobile numbers or a national ID without knowing the bank account information of the recipient.
READ less
P2P payments can be sent through alias services (Proxy Addressing Service) using . . .
READ MORE
malaysia
Funds can be transferred using a payee’s mobile phone number or email address assuming the aliases or secondary account identifiers are registered centrally with initiating banks looking up the references at the time of initiation.
READ less
Funds can be transferred using a payee’s mobile phone number or email address assuming . . .
READ MORE
hungary
AnyID uses an alias beneficiary mechanism to eliminate the need to enter long bank account numbers. Bank account holders register bank accounts against a proxy ID of their National Identity Number or a mobile phone number.
READ less
AnyID uses an alias beneficiary mechanism to eliminate the need to enter long bank . . .
READ MORE
thailand
The BLIK payment scheme (launched 2017) enables real-time transfers to a beneficiary’s telephone number, assuming it is registered in the BLIK alias database. BLIK allows users to pay through numerous channels, including online, mobile, ATMs, shops, post offices, local administration offices and through various service providers.
READ less
the BLIK payment scheme (launched 2017) enables real-time transfers to a beneficiary’s . . .
READ MORE
poland
PayID is a national alias scheme that allows account holders to link a phone number, email address or company number to a bank account.
australia
Services like Zelle add important capabilities to underlying payment systems, by populating and maintaining directories of aliases, establishing a common user-friendly experience, creating awareness and preventing fraudulent transactions.
READ less
Services like Zelle add important capabilities to underlying payment systems, by . . .
READ MORE
us
PayNow in Singapore allows transfers using a mobile number, national identification number and even a company registration number, as a proxy address for the recipient, enabling businesses to migrate from traditional cheques and cash to electronic payments and collections, reducing both costs and risks.
READ less
2
PayNow in Singapore allows transfers using a mobile number, national identification . . .
READ MORE
singapore
Being able to pay without the need for customers to use long, forgettable account numbers to transfer money to recipients.
Payments through aliases
Request-to-pay for mobile commerce and e-commerce applications.
malaysia
Osko on NPP allows payment requests to be issued with a description from one or more parties, recipients can then respond with a payment in real time.
australia
Request to Pay enables payments to be pulled rather than sending an invoice or a bill and is due.
uk
The EBA published a blue print (for public consultation) for a Europewide Request to Pay scheme. The blueprint is payment scheme agnostic and the originator of the request can indicate in the message which payment scheme the actual payment should utilize. SCT Inst scheme is set request to pay services as the European Payments Council is due to complete standards for EIPP (E-Invoicing Presentment and Payments) by November 2019.
The EPC also recently released the “Mobile Initiated SEPA Credit Transfer Interoperability Implementation Guidelines.
READ less
1
The EBA published a blue print (for public consultation) for a Europewide Request to Pay . . .
READ MORE
EUROPE
The ability for individuals, merchants and businesses to pull a payment from a customer or client.
Request to pay
Here are six example services that are enabled by open banking APIs
06
Osko offers a “Payment with Document” service that allows governments and organizations to send documents attached to payments in near real-time.
australia
Air travel industry (IATA) looking to work with European banks to remove card payments for travel ticket purchases to collect customer payments directly from consumer accounts.
europe
Instant Loans service where bank uses SCT Inst and open API banking to credit check loan applicants, transfer funds instantly.
portugal
Harbor customs offer just in time customs reporting and payments for import/export at port
poland
Corporate payments
Going beyond retail payments to add services for corporate customer payments.
05
A supermarket chain is leveraging its financial services wing to simplify the checkout process for its client base, using open banking APIs based on PSD2 through its smartphone app. Customers can directly pay at checkout and can receive offers and discounts based on their behavior and past history through the app.
France
Real-time payments at POS
Ability to pay for goods and services directly at the checkout without the need for cards.
04
The U.K. Payment Systems Regulator has issued a specific direction to make sure that the U.K.’s six largest banking groups, covering around 90 percent of bank transfers, fully implement Confirmation of Payee by 31 March 2020.
UK
Confirmation of payee
Gives greater assurance that users are sending their payments to the intended recipient.
03
Osko runs on NPP offers instant funds transfer payment service.
australia
P2P payments can be sent through alias services
malaysia
Money transfer apps Tez and Paytm feature chatting capability. Chatting apps WhatsApp and Hike have instant payment mechanisms.
india
Market leaders Alipay and WeChat use QR code vouchers to integrate instant payments, add loyalty elements to mobile wallet.
china
Retailers, street food vendors and motorbike taxis display a QR code that customers scan for instant payment.
Thailand, India, China and Singapore
Government payments use QR codes and underlying faster payment rails.
Thailand and the Philippines
P2P payments
Make direct real-time payments from an application.
02
PayNow in Singapore allows transfers using a mobile number, national identification number and even a company registration number, as a proxy address for the recipient, enabling businesses to migrate from traditional cheques and cash to electronic payments and collections, reducing both costs and risks.
singapore
Services like Zelle add important capabilities to underlying payment systems, by populating and maintaining directories of aliases, establishing a common user-friendly experience, creating awareness and preventing fraudulent transactions.
us
PayID is a national alias scheme that allows account holders to link a phone number, email address or company number to a bank account.
Australia
The BLIK payment scheme (launched 2017) enables real-time transfers to a beneficiary’s telephone number, assuming it is registered in the BLIK alias database. BLIK allows users to pay through numerous channels, including online, mobile, ATMs, shops, post offices, local administration offices and through various service providers.
poland
AnyID uses an alias beneficiary mechanism to eliminate the need to enter long bank account numbers. Bank account holders register bank accounts against a proxy ID of their National Identity Number or a mobile phone number.
thailand
Funds can be transferred using a payee’s mobile phone number or email address assuming the aliases or secondary account identifiers are registered centrally with initiating banks looking up the references at the time of initiation.
hungary
P2P payments can be sent through alias services (Proxy Addressing Service) using mobile numbers or a national ID without knowing the bank account information of the recipient.
malaysia
Payments through aliases
Being able to pay without the need for customers to use long, forgettable account numbers to transfer money to recipients.
01
The EBA published a blue print (for public consultation) for a Europewide Request to Pay scheme. The blueprint is payment scheme agnostic and the originator of the request can indicate in the message which payment scheme the actual payment should utilize. SCT Inst scheme is set request to pay services as the European Payments Council is due to complete standards for EIPP (E-Invoicing Presentment and Payments) by November 2019.
The EPC also recently released the “Mobile Initiated SEPA Credit Transfer Interoperability Implementation Guidelines.
Europe
Request to Pay enables payments to be pulled rather than sending an invoice or a bill and is due.
uk
Osko on NPP allows payment requests to be issued with a description from one or more parties, recipients can then respond with a payment in real time.
Malaysia - Request-to-pay for mobile commerce and e-commerce applications.
Australia
Request to pay
The ability for individuals, merchants and businesses to pull a payment from a customer or client.
Advancing the way the world pays, banks and invests™
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PAYMENTS
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Here are six example services that are enabled by open banking APIs
POLAND
POLAND
PORTUGAL
PORTUGAL
Australia
Australia
Harbor customs offer just-in-time customs reporting and payments for import/export at port.
POLAND
POLAND
Instant Loans service where bank uses SCT Inst and open API banking to credit check loan applicants, transfer funds instantly.
PORTUGAL
PORTUGAL
Osko offers a “Payment with Document” service that allows governments and organizations to send documents attached to payments in near real time.
Australia
Australia
6
Going beyond retail payments to add services for corporate customer payments.
Corporate payments
FRANCE
FRANCE
EUROPE
EUROPE
A supermarket chain is leveraging its financial services wing to simplify the checkout process for its client base, using open banking APIs based on PSD2 through its smartphone app. Customers can directly pay at checkout and can receive offers and discounts based on their behavior and past history through the app.
france
FRANCE
Air travel industry (IATA) is working with Deutsche Bank to enable airlines to collect customer payments directly from consumer accounts for travel ticket purchases.
EUROPE
EUROPE
5
Ability to pay for goods and services directly at the checkout without the need for cards.
Real-time payments at POS
UK
The U.K. Payment Systems Regulator has issued a specific direction to make sure that the U.K.’s six largest banking groups, covering around 90 percent of bank transfers, fully implement Confirmation of Payee by 31 March 2020.
UK
4
Gives greater assurance that users are sending their payments to the intended recipient.
Confirmation of payee
UK
UK
Thailand and the Philippines
Thailand and the Philippines
Thailand, India, China and Singapore
Thailand, India, China and Singapore
China
CHINA
india
india
Malaysia
Malaysia
Australia
Australia
PAYM is a P2P payment mechanism that uses mobile phone numbers to send transfers (alias) and has been live since 2014 with over 4 million registered users.
UK
UK
Government payments use QR codes and underlying faster payment rails.
Thailand and the Philippines
Thailand and the Philippines
Retailers, street food vendors and motorbike taxis display a QR code that customers scan for instant payment.
Thailand, India, China and Singapore
Thailand, India, China and Singapore
Market leaders Alipay and WeChat use QR code vouchers to integrate instant payments and add loyalty elements to a mobile wallet.
china
CHINA
Money transfer apps Tez and Paytm feature chatting capability. Chatting apps WhatsApp and Hike have instant payment mechanisms.
india
india
P2P payments can be sent through alias services.
malaysia
malaysia
Osko runs on NPP, offers instant funds transfer payment service.
Australia
Australia
3
Make direct real-time payments from an application.
P2P payments
UK
UK
malaysia
malaysia
hungary
hungary
thailand
thailand
poland
poland
Australia
Australia
US
US
Singapore
Singapore
PAYM has allowed P2P payments to be made using mobile phone numbers as an alias for bank account numbers since 2014.
UK
UK
P2P payments can be sent through alias services (Proxy Addressing Service) using mobile numbers or a national ID without knowing the bank account information of the recipient.
malaysia
malaysia
Funds can be transferred using a payee’s mobile phone number or email address assuming the aliases or secondary account identifiers are registered centrally with initiating banks looking up the references at the time of initiation.
hungary
hungary
AnyID uses an alias beneficiary mechanism to eliminate the need to enter long bank account numbers. Bank account holders register bank accounts against a proxy ID of their National Identity Number or a mobile phone number.
thailand
thailand
The BLIK payment scheme (launched 2017) enables real-time transfers to a beneficiary’s telephone number, assuming it is registered in the BLIK alias database. BLIK allows users to pay through numerous channels, including online, mobile, ATMs, shops, post offices, local administration offices and through various service providers.
Poland
poland
PayID is a national alias scheme that allows account holders to link a phone number, email address or company number to a bank account.
Australia
Australia
Services like Zelle add important capabilities to underlying payment systems, by populating and maintaining directories of aliases, establishing a common user-friendly experience, creating awareness and preventing fraudulent transactions.
US
US
PayNow in Singapore allows transfers using a mobile number, national identification number and even a company registration number, as a proxy address for the recipient, enabling businesses to migrate from traditional cheques and cash to electronic payments and collections, reducing both costs and risks.
Singapore
singapore
2
Being able to pay without the need for customers to use long, forgettable account numbers to transfer money to recipients.
Payments through aliases
Malaysia
Malaysia
Australia
Australia
UK
UK
EUROPE
EUROPE
Request to Pay for mobile commerce and e-commerce applications.
malaysia
malaysia
Osko on NPP allows payment requests to be issued with a description from one or more parties, recipients can then respond with a payment in real time.
Australia
Australia
Request to Pay enables the payer to pay in full, in part, decline, or ask for more time giving them greater control.
UK
UK
EBA CLEARING is now developing a pan-European request to pay infrastructure solution. This initiative is supported by 26 payment service providers (PSPs) from 11 countries, and is scheduled to go live in the second half of 2020. As this is payment-scheme agnostic, the originator of the request will be able to indicate in the message which payment scheme the actual payment should utilize.
The European Payments Council’s (EPC) technical standards for EIPP (Electronic Invoicing Presentment and Payments) that will utilize request to pay were accepted by the ISO 20022 Registration Authority in November 2019.
The EPC also released guidelines for Mobile Initiated SEPA Credit Transfer Interoperability Implementation in 2019.
EUROPE
EUROPE
1
The ability for individuals, merchants and businesses to request
a payment from a customer or client.
Request to Pay
6
5
4
3
2
1
6
5
4
3
2
1
6
5
4
3
2
1
corporate payments
real-time payments at pos
confirmation of payee
P2P Payments
Payments through aliases
Request to pay
corporate payments
real-time payments at pos
confirmation of payee
P2P Payments
Payments through aliases
Request to pay
Real-time payments were only the beginning. Today, the services enabled by open banking APIs are where real value and innovation may be found. In a world dominated by online and mobile access to banking and payment services, open banking APIs are driving change and pressuring payment providers to decide quickly how they’ll adapt their payments infrastructure.
The conversation around faster payments has switched from building the business case for a faster payments scheme into discovering how faster payments can add real value. Below are six example services that are enabled by open banking APIs.
Enabling Services
with Open Banking APIs
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Overlay services that are fueling innovation on real-time payments
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ISO 20022
ISO 20022
Open APIs
Open APIs
Open APIs
Real-time Payments
Real-time Payments
Real-time Payments
Global highlights
Global highlights
ISO 20022
ISO 20022
Open APIs
Open APIs
Real-time Payments
Real-time Payments
Real-time Payments
Global highlights
Global highlights
The Americas
Europe
APAC
APAC
The Americas
Europe
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Advancing the way the world pays, banks and invests™
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OPEN APIs
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REAL-TIME
PAYMENTS
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REAL-TIME
PAYMENTS
With payment platforms globally supporting the standard including SWIFT, the shift to ISO 20022 is inevitable. By 2025, we would expect nearly all ACH, real-time, high-value and cross-border platforms to be using the ISO 20022 standard. Given this inevitability, many banks and financial institutions are still trying to define a compelling business case to justify the transition. The answer lies in enhanced data capabilities and increased processing efficiency.
ISO 20022 will drive use cases and business models that support new capabilities, such as real-
time cross-border and tokenized payments, as it also helps to enable seamless data translation.
ISO 20022 will likely be a standard of choice for domestic messaging as well – effectively a
convergence of all modern payment systems.
Ultimately, banks need to understand how payment data moves between them and their clients currently, and then make judgments on where changes are necessary to ensure higher STP or speed of payments. For many banks, the shift to ISO 20022 will also be a process, as changes to internal systems may not happen at the same time. There will likely be many different flavors of how ISO 20022 is implemented, but ISO 20022 brings opportunity for more interoperability and innovation transfer.
As all payment types evolve toward the ISO 20022 standard, the industry will see greater infrastructure convergence that helps facilitate simplified (shared) processing and supporting services, and also present possible migration paths for traffic between different payment types. Although the destination is the same, the way to get there for each bank may be different. The important thing is that they are speaking the same language when they finally do.
ISO 20022 brings opportunity for more interoperability and innovation transfer.
The road ahead
While moves to the ISO 20022 standardized message will provide greater interoperability throughout the payments infrastructure and can drive operational efficiency for banks, corporates and other business domains, it does put new data demands on banks. To reap the benefits that ISO 20022 can offer, banks must ensure they have the technology that enables them to search, store, correlate and mine the data.
Banks that adopt technology that’s based on a native ISO 20022 data model, rather than adapting an existing system to work with ISO 20022, will find it easy to adapt to new ISO schemes, improve straight-through processing and reconciliation, and gain efficiency through automation and lower costs. Those that don't may find themselves with a short-term solution that doesn’t address the scope of change that moves toward standardization will continue to present – much of the present-day payment infrastructure has been designed and optimized for throughput and compliance.
Although businesses may need to incorporate additional transaction data or information in remittance type payments, handling that data has not been a high priority for financial institutions. Many of today's existing payment message standards have the capability to include remittance data, but it is typically limited. It is the fundamental ability to incorporate more data into a payment message that is critical for banks to be able to provide additional value for their customers.
It is the fundamental ability to incorporate more data into a payment message that is critical for banks
Challenging considerations
The use of ISO 20022 enables the exchange of richer data, including longer references, and extensive remittance information. This common standard also simplifies message exchange between international and domestic payments with enhanced data quality, improved regulatory compliance, optimized payment reconciliation by the beneficiary, increased straight-through processing, easier/simpler cross-border payment ― all with improved efficiency at lower costs.
No single benefit defines the key business value of migration to ISO 20022, but rather a range of features are driving adoption and ROI. ISO 20022 promises extensibility that future-proofs payment services and enables new products and services to be developed. ISO 20022 sets out a structure and framework for developing consistent standards across the financial industry but does not limit the business processes that can be created to leverage the framework. With standardized message types and formats, STP improves, both internally and externally.
However, the most promising horizon is that of open banking. The ISO 20022 standard will also help with the shift to openness and the adoption of API-based services. Many banks have published very
detailed lists of APIs that external parties can connect to in order to leverage the banks' products and services. Often these use proprietary semantics and syntax that makes the use of ISO 20022 vital to ensure external entities, corporates and fintechs can connect easily.
Reasons to be cheerful
ISO 20022 promises extensibility that future-proofs payment services
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Now is the time to move your payments business forward.
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In many countries and regions around the world, we are starting to see the convergence of payment rails, especially with ACH, as the lines between payment systems blur. For example, in India, ACH and RTGS systems run on the same rails, but the differentiation between payments (e.g., settlement cycles, delivery time, fees, and client interfaces) happens outside the rails. In the U.K., BACS volumes will move onto the New Payments Architecture infrastructure which will process both ACH and real-time payments. However, it is only by joining up these initiatives across payment types (a payment is a payment is a payment) can the infrastructure investments be properly justified.
Banks cannot control whether ISO 20022 will become the norm for payments messaging in their region, but they can choose what it means for their business. Now is the time to chart the course to strategically determine what opportunities enhanced data capabilities will bring to the business.
Banks can choose what iso 20022 means for their business
Payments convergence modernization
The state of play across the globe
ISO 20022 is being widely adopted by all modern payment schemes. It is the common language of choice for payments and will bring new enhanced data that is carried with the payment message. Building data capabilities across your payment types will be key to competitiveness.
Different segments of the market have moved at different speeds, but the overall shift to ISO 20022 has been consistent. By early 2019, there were over 100 completed or in progress ISO 20022 migration initiatives across the global financial industry, primarily focused on ACH, real-time payments, high-value payment systems, real-time gross settlement (RTGS), and cross-border payments. Based on the speed and nature of the global migration to ISO 20022, moving to the standard is not so much a question of "if," but "when." For many organizations, the challenge with "when" is the cost of migration.
ISO 20022 is already the default standard for real-time payments. Financial market infrastructures for high-value and international payments are currently being reworked around the world. Changes are already in place in Switzerland, Japan, China and India. By 2022, the U.S., Europe, the U.K., Australia, Hong Kong and Canada will have followed suit. For cross-border payments, SWIFT has proposed a migration period to transition from SWIFT MT to ISO 20022 that will begin in 2021 and conclude in 2025. SWIFT’s global payment innovation initiative (SWIFT gpi) will also fully support ISO 20022.
Speaking the same language is essential to clear and expressive communication, and for payments of all stripes, ISO 20022 is increasingly the lingua franca of choice. Most real-time payment systems already operate on ISO 20022, and most of the others are planning to migrate in the near future. So, as ISO 20022 becomes the de facto standard for all other payment types, this trend will only grow stronger.
The decision by major central banks and SWIFT to migrate to ISO 20022 is a watershed moment for the payments industry. Over the next few years, huge numbers of payment systems around the world will modernize their systems with ISO migration, bringing new data components and the possibility to transfer far richer information along the payments value chain. This global common language for all financial communication across various financial industry domains spans payments, securities, trade services, cards and FX.
ISO 20022 is simply an international messaging standard that facilitates electronic data exchange between financial institutions, and with customers, users, market infrastructures and regulatory bodies. Moving toward this global common language for financial communication not only promises greater interoperability between various settlement networks, but also will mean simplified global business communication, richer information flows, higher levels of straight-through processing, more efficient compliance processing, message data richness for enhanced regulatory reporting and more extensive remittance information. In other words, ISO 20022 ushers in a new era of data handling.
The deadlines to adopt ISO 20022 are looming for cross-border payments, real-time gross settlement systems, high-value payments and national infrastructure changes; most instant payment services are already ISO 20022 compliant. Now is the time to select an implementation approach to ensure compliance and move the payments business forward by significantly enhancing data capabilities. Banks must now determine how to manage, use, process and store data they have not previously had to handle. This requires a sound strategy and action plan for how to embrace the new data capabilities that can create added business value, while also dealing with the new demands of processing and storing it.
When it comes to data, banks must now determine how to:
manage
USE
process
store
Speaking the same language is essential
iso 20022
is becoming
the language of choice
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What standardizing payments with ISO 20022 means for your business
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ISO 20022
ISO 20022
Open APIs
Open APIs
Open APIs
Real-time Payments
Real-time Payments
Real-time Payments
Global highlights
Global highlights
ISO 20022
ISO 20022
Open APIs
Open APIs
Real-time Payments
Real-time Payments
Real-time Payments
Global highlights
Global highlights
The Americas
Europe
APAC
APAC
The Americas
Europe
Download the report
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