“Standardization” and “migration” are terms which seem to have become virtually inseparable from the field of payment transactions. Over the years, payment systems have seen an incredible range of initiatives aimed at establishing uniform standards for payment transactions, at least within sub-areas – some more successful than others. Now, however, the impending migration of crucial clearing systems, national banks, and SWIFT to ISO 20022 seems to be a decisive step towards a true global standard for payment transactions.
At first glance, it may seem as if the effects of the migration are limited mainly to banks and the payment systems themselves. And at least with regard to the basic technical and infrastructural aspects, this is actually the case. However, before long, prompt and comprehensive participation will become a necessity for corporates as well.