The adoption of ISO 20022 entails a transformation in the fundamental structure of payment message formats, incorporating augmented data elements. This transformation exerts its influence on several aspects of a bank's operational framework. The adoption of ISO 20022 is prompted by specified timelines set by diverse market infrastructure entities, including the Swift and the in-country central banks.
The financial industry is taking steps to significantly enhance end-to-end data quality with richer and more structured payments and reporting message data. This is being achieved by taking advantage of the opportunities presented by ISO 20022.
