Deutsche Bank has released its second guide to the ISO 20022 migration. As Part 1 of the Guide emphasised, banks should not consider the migration to ISO 20022 as just “another IT project” and it’s equally important that corporates do not make the mistake of writing it off as just “another bank project”. So whether it’s a global bank implementing seismic changes, or a small corporate taking more modest steps, all market participants need to be regularly updated and ensure they are moving in the right direction.
Guide to ISO 20022 migration: Part 2” offers guidance for picking a successful route for migration and securing the full benefits of ISO 20022. Further Guides are planned as the journey continues.
Writing in TMI, Deutsche Bank’s Christian Westerhaus explores the opportunities and challenges presented by the migration to ISO 20022. To meet the challenge, banks, corporates and financial stakeholders must fully commit – allocating budgets, resources and project teams to allow their operations to meet the higher standard.
The upcoming migration to ISO 20022 will have far-reaching implications for all banks, corporates and other important financial stakeholders. It is probably the most impactful payments industry undertaking since the introduction of the Single Euro Payments Area (SEPA) more than a decade ago, and will require CEO commitment, allocation of appropriate budgets, resources and project teams given that a multitude of areas will be affected across institutions. This is not simply “another IT project”.
With demand for user-friendly payment innovations intensifying due to increasingly rapidly evolving technology, complex trade flows and the advent of millennials, banks need to maintain an industry-leading position by pushing the boundaries of technology to deliver enhanced experiences to clients.