Welcome

ISO 20022 and the transformation of real-time cross border payments: Are you ready?  

Sponsored by Bottomline
Thursday 8 July 2021, 12:30
Zoom

The explosion of growth in B2B cross-border payments has driven profound changes for financial institutions (FIs) in the UK & Europe, with many still dependent on complex correspondent banking relationships which offer limited visibility into the status, costs, certainty and location of payments.

And the pace of change is set to accelerate further this year as the industry prepares for the transition to the global ISO20022 standard. With the SWIFT deadline for ISO 20022 implementation set for November 2021 and the SWIFT testing window in February 2022 where you will get a ‘black mark’ if you fail to deliver, FIs are under pressure to ensure that their systems, data and employees are ready to reap the benefits of real-time cross border payments infrastructure.

And while continued reliance on MT and other legacy messaging will be permitted during a co-existence period until 2025, those who do not act now to become ISO native will face a growing list of compliance, customer experience and infrastructure challenges, and risk losing their interoperability advantage as the payments ecosystem transforms around them.

This interactive roundtable session will bring together senior experts in payments strategy, infrastructure and technology from across the UK payments landscape to explore the journey towards real time cross border payments, as well as discovering how organisations can best prepare for the challenges of the year ahead and beyond.

Topics for discussion

• What are the key challenges for FIs as they evaluate the global shift to real-time, cross border payments and where should organisations start?
  
  
• What are the major pain points for banks in managing traditional correspondent banking relationships?
  
  
• What does the future look like for cross-border payments?
  
  
• What are the strategic benefits of ISO 20022 for FIs and what are the key changes to infrastructure, messaging and interoperability?
  
  
• What are main operational risks for FIs in relying on the co-existence period set out by SWIFT?
  
  
• SWIFT gpi, TIPs, P27, ISO 20022 and Target 2: what are the key initiatives driving international payments transformation?
  
  
• What impact is the shift from on-prem to cloud hosted systems likely to have on the move towards new cross border payments standards?

Timings:
12:30 – 12:40   Editor’s Welcome
12:40 – 14:00   Topic Discussion

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