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After years of gradual development and delays, the adoption of ISO 20022 is rapidly approaching a tipping point. Many market infrastructures, including SWIFT, have launched multi-year migration plans. Financial institutions need to find a balance between complying minimally with defined deadlines and building towards a future-proof state. This Accenture report looks four key elements European banks should include in their migration plans.
The global adoption of ISO 20022 is the most far-reaching and widely underestimated development in payments today. For financial institutions in Europe it is nothing less than an earthquake—one that will present challenges for the entire industry, and opportunities for those that manage their migration to the new standard correctly.
It’s not shocking that the transition hasn’t attracted the attention it merits. ISO 20022 is complicated and can seem downright confusing even to payments specialists. The new standard has also been a long time coming. Some financial institutions began their migration over a decade ago.
But the impact of ISO 20022 is rapidly approaching a tipping point. All European banks now face firm compliance deadlines for the standard, lending new urgency to migration plans. Most financial institutions will need to strike a delicate balance between minimal compliance with defined deadlines and building towards a future-proof target state. Read more.