Day-to-day operations of business activities are of intrinsic value to the world’s economy.
Every institution or merchant wants a convenient, low-cost, efficient, and secure payment messaging system for domestic or cross-border transactions.
It is now safe to say that the first introduction of the ISO 20022 model in 2004 is a revolution in the financial industry. It aids domestic and cross-border transactions without the need for a currency bridge. These operations promote limitless expansion and development of the customer base.
The highly complex financial services industry has to rely on common global standards to keep functioning, and ISO 20022 is about to become that universal language. This new payment messaging format is designed to simplify and improve the way financial information is processed and exchanged worldwide for more efficient, consistent, and secure results. ISO 20022 is a transformative event for the financial ecosystem, and it’s one that every stakeholder needs to understand before embarking on ISO 20022.
In the coming years, traditional banks, financial institutions, online banks and some corporations will need to move to the highly structured and data-rich ISO 20022 standard.
Learn more by reading Impel’s deep dive into How ISO 20022 Will Change the Global Financial Standard