ISO 20022, to which connectivity will become mandatory in November 2022, has the potential to take banking digital transformation to the next level.
With the ability to deliver much more detailed data, issues with misinterpretation are reduced. This reduces transaction costs, optimises business cycle cashflow, improves intraday liquidity management with real-time views of payments and enhances cash position visibility.
With the testing window for ISO 20022 connectivity having concluded in February 2022, what more must banks do to ensure they are market-ready for the mandatory deadline for receiving and processing ISO messages?
Financial institutions must also question whether connectivity is enough: should banks leverage the full potential of ISO 20022 to transform their long-term strategy and scale up to become ISO 20022 native?
Sign up for the upcoming Finextra webinar, held in association with Bottomline Technologies, to join our industry expert panel on Thursday 7 April at 15:00 BST [16:00 CEST / 10:00 EDT], for a live discussion about how financial institutions can build on being ISO 20022 native to improve payments across your whole ecosystem for fraud, cash positioning, and digital overlays.
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