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Our view of the competitive marketplace suggests that all banks should be using the shift to ISO 20022 to rethink the way payments are integrated into the wider business, infrastructure and growth strategy. This is leading some banks to take a much more strategic approach to ISO 20022. Not surprisingly, many banks are now starting to recognize that they can use the transition to ISO 20022 to help drive their wider transformation and modernization journeys. Its impact on the overall customer experience (as fewer payments are rejected and channel experiences are improved) should be clear. It could create opportunities for enhanced operational productivity and improved automation. ItвЂ™s not hard to imagine, for example, how the new standard could unlock revenue enhancing opportunities through new product development and innovation or how it could improve efficiency through reduced labor requirements and lower maintenance costs. In fact, the adoption of ISO 20022 may unlock some of the value adding opportunities that financial institutions have been chasing for years. While it would be tempting to dismiss the shift to ISO 20022 as purely a compliance exercise, the reality is that the new standard has far-reaching and highly strategic implications for most banks and financial institutions.

The list of potential interdependencies across the enterprise goes on, see table below. There will need to be updates to the structure and format of statements and advice to support additional field lengths and party information. Payments processing functions will need to assess the impact this type of structured data will have on their straight-through processing (STP) rates.

There may be changes required in client systems, online payment screens, reporting tools and user guides payment origination forms and disclosure terms will need updating direct file transmission format specifications will also likely need to be changed.ДЇinancial crime teams will need to think about how they will update their risk management applications to support the new data model and XML processing. Most banks will find that they will need to make some fairly significant changes across the organization if they want to achieve ISO 20022 compliance ahead of the industry deadlines.Д¬onsider, for example, how ISO 20022 may impact your customers and channels. ISO 20022 introduces significant changes to the extended ecosystem that supports the payment value chain. The benefits of implementation may be clear, but the path to compliance is not.

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