The transition of FedWire to the ISO 20022 standard is more than a technical upgrade. It is a strategic move that can enhance the efficiency, interoperability, and security of payment systems in the U.S. and globally. Many businesses have already adopted ISO 20022 standards or plan to do so soon; however, many FIs have not and are lagging in this transition, which may affect their competitiveness and efficiency in the long run. This is a chance to offer corporate clients more robust and automated solutions to help gain new market share as well as retain existing clients.

This report provides important insights and guidance on how to prepare for the migration to ISO messaging standards and the consideration of ancillary benefits. It is based on a Datos Insights survey of 1,037 midsize and large organizations with revenue over US$20 million per year conducted in Q3 2023. The report also leverages past Datos Insights research, extensive conversations with industry experts and practitioners, and the author’s extensive knowledge of the market.

Clients of Datos Insights’ Commercial Banking & Payments service can download this report.