Looking Past Deadlines: The ISO 20022 Opportunity

ISO 20022 has been on the horizon for more than two decades, but looming compliance deadlines mean banks and their technology vendors must adopt the data messaging standard for payment applications sooner rather than later. For mid-market banks, these deadlines represent a challenge as they weigh the costs against uncertain benefits. But the good news is that additional data fields, structured data, and global interoperability available through ISO 20022 are set to improve the global payments landscape for every FI. The migration even offers midsized banks an opportunity to modernize their payment systems. Adoption isn’t just about meeting deadlines; it’s a chance to address legacy inefficiencies, plan for new technologies, and establish a competitive edge in a rapidly evolving market. 

This report looks at the state of ISO 20022 deadlines and the potential for the standard to improve payments. It also looks at how mid-market banks and their ecosystem partners can use the migration of ISO 20022 to rethink their technology strategies. From addressing compliance to unlocking new value through innovation, ISO 20022 paves the way for modernization and long-term growth.

Key questions discussed in this report: 

• What are the deadlines for compliance, and what does that mean for banks and their partners?
• What opportunities does ISO 20022 offer financial institutions?
• What can banks and their partners do with the ISO 20022 compliance process to further other operational goals?