Relevance for companies
For inter-bank payments, the current MT formats will be decommissioned and replaced by XML-based ISO 20022 formats by 2025. These offer a higher degree of automation, more efficient processes as well as a considerable risk reduction.
In the years ahead many banks will also switch to ISO 20022 for communication with their corporate clients. Regardless of banks’ efforts in this regard, corporates should start to actively engage with the new standards so they can realise the benefits from the numerous IS0 20022 advantages.
Business processes and formats
We provide background information on ISO 20022 for corporates and present the relevant business processes together with the new formats. We cover the processes of payment transfers, direct debits and bank-to-customer reporting (bank statements, intraday information, debit/credit confirmation) as well as sanction screening, which can be performed with significantly less errors and manual effort as a result of the higher degree of standardization.
We recommend starting your ISO 20022 implementation by scrutinizing infrastructure and processes related to payments and cash management in order to bring about the most benefits from the new formats.
Each company will require bespoke procedures, depending on the specific processes and systems in place.
A detailed analysis to assess efforts, benefits and feasibility of different options is important.
We would be happy to support you and leverage our technical and business experience with payment transactions and cash management during both the analysis and the implementation phases.