We might all be running on fumes, but we made it to day four.  Another one in the books.

I can't resist the temptation to complete the airline analogy… we’re beginning our descent, buckle up, you’re cleared for landing, bla-di-bla-di-bla! 

So, what did we learn this week? 3 key things for me...

Market practice.  A level-setting exercise to describe market practice really is, and why we need it more than ever.

- the business process has not changed just because we introduced a new syntax.

- let’s not forget that the legacy messaging landscape is a scary place, and there is a good reason why we are adopting 20022.

- 20022 is a very rich and flexible standard… can we take the opportunity to find some common ground?   If we don’t then chances are we will simply replicate the current mess in an xml syntax.

- Can we leverage new tools and technologies that can help improve the implementation of market practice? 

APIs.  APIs are creeping into the popular banking vernacular… no longer just something that those T-shirted Innotribe-types talk about…

- Regulations in Europe will soon require [Read: REQUIRE] banks to expose APIs.

- MIs are already building or planning to build APIs into their 20022 based platforms.

- ISO 20022 is planning to build support for APIs into the standard.

Regulation and compliance.  Regulators need standards.

- Regulators are being much more prescriptive in their rules, some even referring explicitly to 20022.  Yay!

- There is a broad acknowledgement of the lack of harmonization across regulators in terms of the underlying data that is being reported, but alas, no clear action plan to address.  

That’s all folks.  See you Geneva.