ISO 20022 Migration: Time to Act - Recognize Challenges and Develop Solutions

The recent Finance Symposium buzzed with excitement. A core topic was the future of payments, particularly the ISO 20022 migration.

Our jam-packed workshop, “ISO 20022 Migration: Time to Act – Recognize Challenges and Develop Solutions,” delved into the challenges and opportunities this migration presents, and we were thrilled to see so many engaged participants. We polled them to gauge their current state of preparedness for this upcoming industry shift. Here’s a breakdown of what we learned:

Feeling the Impact: A Migration in Motion

A resounding 84% of attendees revealed their companies are very strongly affected by the migration, with the remaining 16% feeling partially affected. This highlights the widespread impact that ISO 20022 will have across the financial landscape.

The scale of the change is undeniable, so the workshop poll also explored companies’ readiness for the migration. An encouraging 42% of participants reported being actively involved in the implementation, with another 35% in the planning phase. These numbers demonstrate a strong understanding of the migration’s importance.

Unveiling the Advantages: A Brighter Future with ISO 20022

Our workshop poll went beyond illustrating challenges, also exploring the exciting possibilities presented by ISO 20022. When asked about the perceived advantages of the migration, a clear theme emerged: standardization. Other key words like “more information,” “efficiency,” and “flexibility” also emerged. These all point towards a future of streamlined payments, improved communication, and ultimately, a more robust financial ecosystem.

Support for Migration: Who’s on Your Team?

Banks and technology providers such as Fides are key pillars of support of the ISO 20022 migration. These results emphasize the collaborative nature of a successful ISO 20022 migration. By working together internally and with external partners like Fides, you can ensure a smooth transition for your company and reap the benefits of the new standard.

The ISO 20022 migration presents both challenges and exciting opportunities. Luckily, you don’t have to navigate the new standard alone. Contact Fides today and let us be your partner on the road to a more efficient and future-proof payment system!

Fides is the world leader in multibank connectivity, payments and transaction communications. A market leader for more than a century, Fides is committed to the principles of Open Banking, making treasury and financial operations as efficient, transparent and secure as possible for all organizations.

Fides provides everything organizations need for efficient cash and liquidity management, all through a single platform — along with connectivity to more than 13,000 financial institutions through an unmatched range of methods and channels. Thousands of companies around the globe rely on Fides’ connectivity capabilities and comprehensive workflow, reporting, conversion, validation and security services, for their own businesses and for extending services to their clients.

Whether you access via the secure Fides ONEHub or take advantage of our seamless integration with third-party ERP, TMS and other backend systems, Fides is the only platform you need.