ISO 20022 as a payments industry standard will be fully implemented by November 2025. The benefits for using ISO 20022 message standards are well documented, yet corporate clients resist the ISO standard because they must populate payment messages with more granular data and have a way to consume the data to realize the value. Instead of using separate platforms or interfaces, corporate clients can access and execute banking capabilities directly from their enterprise systems.
This report focuses on payments, but the findings and the principles expressed also apply to other banking domains. From March 2023 to June 2023, the author interviewed several executives and payments experts from leading financial institutions, payment processors, and corporations to get an in-depth understanding of the main challenges and trends in the ISO 20022 landscape. The interview program was supported by extensive desk research.
Clients of Datos Insights’ Commercial Banking & Payments service can download this report.