ISO 20022 Migration | Strategy Considerations for Banks
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ISO 20022 migration represents one of the most significant transformations to impact the financial services industry in recent years. ISO 20022 standardizes data exchange between financial institutions to convey transaction services in a formal but syntax-independent notation.
Despite its many benefits, banks have not actively started migrating to ISO 20022, partly because of:
Moving deadlines from SWIFT and other region specific market infrastructures
The perception that adoption is not mandatory and
A general wide-spread underestimation of the scope of changes as a simple compliance project
Within financial institutions, the impact of ISO 20022 is broad reaching, across organizational systems, and needs to be addressed at a core architecture level.
Without the right technology, introducing ISO 20022 can be risky, expensive and complex. Download the IBS Intelligence Point of View document to learn:
Why ISO 20022 migration is important
Key considerations for ISO 20022 migration
Approaches adopted by banks: Complete overhaul, Smart middleware translator and Phased/Point solution approach
Advantages and disadvantages of the adoption approaches
How Fiorano ISO 20022 Accelerator fast tracks the migration journey
Please complete the form to download the POV document