European Women Payments Network (EWPN)’s Post

The March deadline for ISO 20022 requirements is coming soon. How ready is your financial institution? Download this report from Datos Insights to learn how ISO 20022 presents an opportunity for growth. Download: Datos Insights report on ISO 20022 https://hubs.la/Q02x7NFN0

The mission of ISO 20022 is to harmonise data, and we can see this prominently played out in the introduction of structured address and structured remittance fields... However, these fields might be uniform, but they’re not universal: Your approach to populating this information will depend on who you bank with, and some diligence is required before changing up your processes... In this episode of Mastering ISO20022, I’ll talk through the mandatory requirements, and discuss the nuances of structured address & remittance... Watch more episodes here: https://lnkd.in/eu38WgDW

"Mastering ISO 20022" Episode 9 is now available: ISO 20022 impact on payment types and beneficiary data AccessPay CEO Anish Kapoor talks about how ISO 20022 will affect Faster Payments, BACS, and SEPA (and when). And, because with ISO 20022 it’s all about data (where it’s coming from, in what format, how it’s enriched or transformed) we provide guidance on how to collate the right data – some from the banks, some from your beneficiaries. In just 5 minutes, Anish answers the big payments, data, and ISO 20022 deadline questions: ✅ When will ISO 20022 affect CHAPS, Faster Payments, BACS, & SEPA?  ✅ What information should you be asking your banks for?  ✅ What data needs to be collected from beneficiaries?    Watch this episode on our ISO 20022 Resource Hub and YouTube channel, where you’ll also find all past episodes! Link in comments.

By now, you’ve probably heard of ISO 20022, the open global standard for financial information. This standard can help overcome barriers linked to using different syntaxes and semantics. However, putting it into play is a complex process. ION's latest blog explores ISO 20022’s benefits and challenges as uptake by the payments industry accelerates. https://lnkd.in/gj2NxPpw

ISO 20022 is reshaping the global financial services ecosystem. Whether you are in the financial services industry or with a company doing international business (and making or receiving cross-border payments), your business will feel the impact. https://lnkd.in/ecxKkxRX

By now, you’ve probably heard of ISO 20022, the open global standard for financial information. This standard can help overcome barriers linked to using different syntaxes and semantics. However, putting it into play is a complex process. ION's latest blog explores ISO 20022’s benefits and challenges as uptake by the payments industry accelerates. Check it out today https://lnkd.in/gGJAUWQr

By now, you’ve probably heard of ISO 20022, the open global standard for financial information. This standard can help overcome barriers linked to using different syntaxes and semantics. However, putting it into play is a complex process. ION's latest blog explores ISO 20022’s benefits and challenges as uptake by the payments industry accelerates. Check it out today https://lnkd.in/dJaiFT7w

The adoption of ISO 20022 messaging standards is no longer an option but a necessity for financial institutions. By embracing ISO 20022 and adhering to the timelines set by Market Infrastructures such as FED, CHIPS and SWIFT, financial institutions can unlock the full potential of this standardized messaging standards. It is imperative for them to conduct a quick health check on their implementation roadmap, collaborate with industry peers, validate exit criteria for testing, leverage the testing window offered by Market Infrastructures and ensure a seamless transition to ISO 20022. Let us embrace ISO 20022 and pave the way for a more efficient, interoperable, and future-ready financial ecosystem that is fit to send and receive payments messages via Fed, CHIPS and SWIFT in ISO 20022 format. PwC is helping clients perform ISO 20022 program health checks that span technology, operations, product, compliance, testing and other impacted domains to identify potential gaps or barriers that pose risks to the program. We then collaborate with them to implement tactical measures to get critical path workstreams back on track. https://lnkd.in/de-8Tcwj

So we know ISO 20022 is coming for CHAPS (with a slightly delayed timeline), but what about Faster Payments, BACS, and SEPA? They’re all moving onto the messaging standard, too. In a few years, ISO 20022 will affect every payment in the Western hemisphere.... And the banks are still expecting businesses to work towards November 2024 compliance even though the new deadline is May 2025.... meaning it’s time to understand your data requirements. Knowing which data points (your purpose codes, structured addresses, LEIs etc.) will be provided by banks and which ones by your beneficiaries is going to be crucial to understand what data transformation/enrichment/collation is actually required. In this video, we’ll discuss deadlines for different payment types, your data requirements, and how to prepare NOW... which is needed, because this updated deadline, the banks have strongly promised, isn’t going anywhere. Link to the ISO 20022 Resource Hub here: https://lnkd.in/eu38WgDW

The momentum behind ISO 20022 adoption is expanding to new regions, revolutionising global financial infrastructure. Learn more about this and other insights in our latest white paper: https://hubs.la/Q02HFDzs0