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Harmonization is essential to eliminating unwanted diversity. Upfront alignment of implementations will promote interoperability and efficienceis.

Its hard to imagine that there would be any diversity in the reg requirements for bene info on a payment.  But there is!   Regulatory "standards" are needed.  But one small example of many.

KYC requirements are another example where life for all participants could be clarfiied, simplified through greater regulatory specificity.

As the next generation financial services messaging standards, ISO20022 schema are uniquely positioned to respond to a variety of businesss and regulatory requirements.  Greater number of data elements, increased field lenghts and schema unique to ISO20022 all add up to:

• a field for every piece of data,
• sufficient space to carry it,
• a complete inventory of message schema facilitating commmunication between counterparties, market infrastructures, and regulators.

Upping the game of the financial services industry will require:

1. adoptoin of ISO20022 (well underway as the mApp reflects),
2. evolution of market practice and notably harmonization to reduce unwanted variants and variations.  And ultimately
3. global thinking and a common respone to common issues and requirements (including regulation).