The Case for ISO 20022

Posted on November 22, 2019 by Editor

Major central banks are set to switch their payments systems to ISO 20022 by 2025, bringing much-needed standardisation to the global payments infrastructure.

Earlier this month The Banker sat down with Saqib Sheikh, SWIFT’s global head of ISO 20022 programme, to outline why the migration to ISO 20022 is so important for the banking industry.

High quality, structured data is crucial to many of banking’s central remits. The new standard will ensure global, structured, clearly-labelled and granular payments data can be transferred with payments. This will enable enhanced compliance procedures, increased interoperability and efficiency and improved customer service.

To find out more about why the migration to ISO 20022 is such a significant landmark for the payments industry the interview is available here.

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