ISO 20022 adoption
Adoption of ISO 20022 standards for payment messaging represents the biggest and most fundamental wave of change to regulatory payments in a generation. A leading tier one international bank was facing challenges with the sheer scale of change required to meet central bank requirements for migration to ISO 20022 message formats for domestic payment schemes (Real Time Gross Settlement (RTGS)) and SWIFT mandated timeframes for adoption of ISO 20022 for Cross Border Payments and Reporting (CBPR+).
We were therefore contracted to support the bank with its ISO 20022 adoption programme, particularly around managing business readiness and change adoption activity for migration to ISO 20022 message formats for both RTGS and CPBR+ transactions across over 52 different markets.
This project involved working with stakeholders across the world and included:
- Developing and coordinating internal communications and SWIFT training;
- Developing and rolling out the new target operating models for payment support operations;
- Undertaking a risk assessment and contingency planning based on different scenarios (i.e. greater than expected reduction in straight through processing, higher than expected volumes of messages received in new formats, etc.).
The solution and key benefits
The programme enabled the adoption of new payment message standards in line with industry and regulatory timeframes. Our activities facilitated the changes required to the client’s existing business and operations processes to support adoption of the new standards and proactively identify and mitigate potential risks to successful adoption.