In an article for GB&FR, BNY Mellon’s Marcus Sehr and Isabel Schmidt explore the impact of the upcoming ISO 20022 migration
April 16, 2020
During the next five years, ISO 20022 is set to transform the payments industry. The migration will touch the payment lifecycle end-to-end and, as the implementation deadlines draw near, the implications and considerations are set to be far-reaching – requiring significant efforts and resources from banks and their clients.
The upcoming changes should not be underestimated. In the lead-up to and aftermath of the transition, banks will face a myriad of challenges. If they can overcome these hurdles – by establishing a clear, comprehensive strategy, educating and supporting their staff and clients, and preparing their systems – they have an opportunity to deliver a truly improved end-to-end payments experience for clients.
The article, published in Global Banking and Finance Review, can be read here.
TAGS: Financial Services