ISO 20022, like its predecessors, ISO 15022 and ISO 7775, allows for efficiency, lower costs, and the avoidance for errors in financial transactions. However, ISO 20022 is also unique in its ability to provide higher quality data than other standards, making it more suitable for today’s analytics-driven, contextual digital world. Across the globe, major domestic and international payment schemes have either already adopted or are well on their way to adopting these standards.
This paper intends to bring forth the common opportunities that ISO 20022 standards offer the industry, challenges that may arise during ISO 20022 standards adoption, recommendations, and best practices to mitigate any risks.
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