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Banks that continue to operate on siloed infrastructure must make use of modern technology to manage the complexity of corporate payment requirements across markets and market infrastructures. However, despite the mushrooming of development across real-time domestic and cross border payments, financial institutions still rely on convoluted correspondent banking partnerships to advise on the cost and location of a particular payment.
This could all change in November 2022 when banks will be required to begin their transition to ISO 20022 to remedy issues with infrastructure, compliance, and customer experience. This will, in turn, provide an interoperable standard for financial data exchange and at the same time, streamline payments and reconciliation. Further, the growing number of real-time payment schemes citing ISO 20022 as their standard has already prompted a larger number of financial institutions to reengineer their systems to connect with each other, improving efficiency for cross border payments and paving the way for enhanced real-time domestic networks.
With testing for ISO 20022 having started already, what more must banks do to ensure they are market-ready for the mandatory deadline for receiving ISO messages in November of this year? Financial institutions must also question whether connectivity is enough: should banks leverage the full potential of ISO 20022 to transform their long-term strategy and scale up to become ISO 20022 native? Satisfying the minimum compliance requirements is no longer enough.
Join this webinar from Finextra Research, in association with Bottomline Technologies, to hear industry experts discuss the following points and more:
- ISO 20022 testing to meet the SWIFT and market infrastructure deadline in November 2022.
- How can banks and financial institutions ensure they maximise on their investment to move towards becoming a digitally first institution?
- How can banks build on being ISO 20022 native to improve real-time domestic and cross-border strategy?
- If institutions are connectivity or market ready, what are the next steps and timelines that should be considered to become ISO native?
- The benefits of a coordinated strategy leveraging APIs to ensure silos within institutions are a thing of the past.
- Gary Wright - Head of Research, Finextra
- Edward Ireland - Senior Market Development Manager, Bottomline
- Tino Kam - Head of Product Management - Transaction Banking, Nordea
- Debbie Hoskins - Programme Director and Product Scheme Owner for Wholesale Payments, NatWest
- Hays Littlejohn - CEO, EBA Clearing