Welcome

ISO 20022: How are banks & FIs using the new standard as a catalyst for digital payments transformation?

Sponsored by Bottomline
Tuesday 28 September 2021, 12:30
Zoom

The huge growth in B2B cross-border payments has left many FIs struggling to keep up with demand for real-time transactions and self-service across a growing range of digital channels. As a result, many are taking steps to move from complex correspondent banking relationships onto SWIFT’s ISO 20022 in order to improve their visibility into the status, costs, certainty and location of payments.

However, those who choose to take advantage of SWIFT’s co-existence period and wait until 2025 to upgrade from legacy infrastructure to APIs and SaaS-based platforms risk missing out on the wider strategic benefits of real-time cross-border and domestic payments.

Those who delay will face a growing list of compliance, customer experience and infrastructure challenges, and risk losing their interoperability advantage as competitors race ahead with API-enabled transactions and rich data sets to build a range of new products and services to drive revenue streams.

But the impact of ISO 20022 will not only be felt by cross-border payments teams; the arrival of more automated payments processes will drive efficiencies for Treasury, while richer transaction data will enable more efficient fraud and transaction monitoring. Meanwhile on the front-end customers are expecting real-time data to help speed up the adoption of digital overlays such as Request to Pay and other Open Banking initiatives.

This interactive roundtable will bring together senior experts from across the UK payments landscape to explore the key challenges for FIs in implementing SWIFT’s ISO 20022 and the wider strategic and operational impact this transformation could have across the business.

Topics for discussion

• How far advanced are FIs in preparing for the transition to ISO20022?
  
  
• What are the key business risks for FIs in delaying the transition to ISO20022?
  
  
• How is ISO20022 driving more automated use of data, and what are the key payments processes that FIs are looking to automate?
  
  
• How important is real-time data in improving payments processing across different applications and bank systems, and what is needed to enable interoperability?
  
  
• What are the key challenges for FIs in using payments architecture and real-time data to build news products and drive new revenue streams?
  
  
• What are the strategic benefits of ISO 20022 for FIs and what are the key changes to infrastructure, messaging and interoperability?
  
  
  

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

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