Improving data quality and payments across borders with the ISO 20022 migration.
The implementation seems to be quite mysterious, even for payment specialists.
There is a big challenge with data truncation, as a loss of data when transforming between legacy and new standards – and the consequent impact not just on core payments processing but peripheral workflow steps like sanctions, AML, and liquidity. Some financial institutions are also concerned about integrating the new format with the legacy applications while complying with regulatory regimes.
By 2025, 80% of high-value payments and 89% of the value of transactions worldwide will adopt the new
“big bang” ISO 20022