ISO 20022 for CBPR+: Driving Efficiency and Innovation in Financial Messaging

The financial industry is on the brink of a significant transformation with the implementation of ISO 20022 for cross-border payments and reporting (CBPR+). This new standard promises to revolutionise transaction handling by offering enhanced data quality, improved compliance, and greater operational efficiency. The shift from the current MT format, which is becoming insufficient in today’s data-driven and regulatory-focused environment, to ISO 20022 addresses these challenges with a more structured and comprehensive framework for financial messaging.  

This transition is crucial for banks and non-bank financial institutions to understand and prepare for as it enables more effective communication across borders and systems. The reconciliation of payments, especially for corporate and SME sectors, demands accuracy in linking all related data. ISO 20022 significantly streamlines this process by enhancing data richness and interoperability across various payment systems.  

This report highlights the key takeaways of a Finextra webinar, hosted in association with Finastra, by a panel of industry experts. Discover:  

• How far the industry has come in the transition, 
• the challenges organisations are facing, and 
• the strategic importance of ISO 20022 for CBPR+ adoption.