Payment Systems Broadcast #7 - A Global Standard for Payment Messaging- Everything You Need to Know About ISO 20022

About this Episode

| Saskia Devolder, (SWIFT)

| John Jackson, (Bank of England)

ISO 20022 is expected to create a global and open message standard across all business lines of the financial industry. Several long-lived financial communication standards, such as ISO 15022 (cross-border securities settlement), ISO 8583 (credit and debit transactions), and MT messages (SWIFT propriety for correspondent banking and FX transactions), will be replaced with a new standard. ISO 20022 is here, with migration beginning in November 2022 and expected to be completed by November 2025.

In Session #7, guests Saskia Devolder (SWIFT) and John Jackson (Bank of England) joined FNA to discuss the key features and expectations around adopting the ISO 20022 standard. Together, we explored what ISO 20022 means for organisations and how it could change the financial ecosystem as we know it.

The Session Covered:

• The story behind the development of ISO 20022 and the benefits of implementing this new standard
• Whether the advantages ISO 20022 offers will benefit traditional financial institutions, fintech, and other new entrants equally.
• The expected changes to the payment system in the UK and the rest of the World
• Whether consumers or firms will be affected by the changes brought about by the adoption of ISO 20022
• Where we are in the process of adopting ISO 20022
• Who will benefit from the richer exchange of data that ISO 20022 allows
• How ISO 20022 will benefit the development and use of Application Programming Interfaces (APIs) in the financial industry