Four Types of ISO20022 Adopters

source: The Four Types of ISO 20022 Adopters – Corporates and Institutions (db.com)

As for so many IT projects these types of adopters can be spotted the ISO20022 environment as well.

Which one are you?

Being enthusiastic about ISO20022 is brilliant, because you know that ISO20022 will enable, streamline and speed up on communication with financial institutions such as payment processes, account management and insurance/commodities beyond of what SWIFT could offer you up to date.

To point out just 2 important advantages: customer will experience a faster payment process end-to-end, as well as fraud such as money laundering will be unmasked easily - thanks to the well-structured and rich in data XML messages, which are used to communicate between customer-to-bank and bank-to-bank.

Being pragmatic about implementing ISO20022 is smart, because you are aware that shifting from your old file-based communication standards to the new API-based XML structures, will require effort and time to implement.

If you are sceptical about the whole ISO20022 topic, just ask the enthusiast. ISO20022  will make your life easier as well. For example resources can be minimized in the checking process of financial transactions. This will save time and human effort on both sides – banks and customers.

…and last but not least – if you still hope this huge topic will somehow disappear, not affecting your business – it won’t! ISO20022 has been implemented at most  major banks in Europe, U.S. and MEA. By the way, Chinese banks were early adopters and work with the standard since 2011.

But, with the right partner, your implementation experience may become way more pleasant than you might think! If you are running SAP, it is a good choice using our proven, ISO20022-compliant, preconfigured and ready-to-use payment messages! Regardless, if pain.001 (Credit Transfer), pain.008 (Direct Debit), camt.053 (Cash Management) or any other message defined by ISO20022, we can reduce your implementation effort down to 2 – 3 days. Check it out and obtain your copy here at your webshop.

Hands up for ISO20022! Happy Thursday!