Persistent Systems’ Post

Migration across payment structures and formats is critical for regulatory compliance for Australian Banks. Understanding current state is critical for a successful migration!

Fedwire stands ripe for transformation at financial institutions. Are you leaning towards quick fixes with translators or gearing up strategically for ISO 20022 and the imminent 24/7/365 Fedwire availability? Let's hear from experts sharing their take on this. Sign up to be part of the conversation. #fedwire #iso20022 #paymenttransformation #realtimebanking

Are you fully prepared for the ISO 20022 transition? As the financial industry in the U.S. prepares for the full adoption of ISO 20022, here are some crucial milestones that every bank and credit union should keep in mind: - March 2025: On March 10th, Fedwire Funds Service will switch to ISO 20022 in a single-day implementation. It's a pivotal moment and institutions must ensure their systems are ready. - Coexistence Period Until November 2025: During this time, both old (MT) and new (MX) messaging formats will be in use. This period allows for a gradual transition, but it also means managing dual systems and ensuring seamless operations. - November 2025: The final deadline. By this date, all U.S. financial institutions must have fully transitioned to ISO 20022, leaving behind older messaging formats. This change is essential to meet global standards and maintain operational efficiency. It’s time to take action and ensure you're fully prepared to comply with ISO 20022. #ISO20022 #Payments #Banking

BAFT Releases Second White Paper in ISO 20022 Series Focused on Best Practices and Guidance Key highlights from the white paper include: Roadmap for Migration: A step-by-step guide outlining key phases of ISO 20022 migration, from preparation to execution. Best Practices: Practical examples and case studies from industry leaders who have successfully migrated to ISO 20022. Risk Management: Identification of potential risks and mitigation strategies to ensure a seamless transition. Cross-border and Regional Considerations: Tailored advice for managing regional and jurisdictional differences during migration. Technology and Infrastructure: Insights on how to update and future-proof existing infrastructure to comply with the new standard. https://lnkd.in/gqpDtGac Nth Exception Deepa Sinha #payments #banking #iso20022 #fintech

🚀 New White Paper Release: Navigating the Transition to ISO 20022 🚀 As the financial industry evolves, the shift to ISO 20022 is becoming a critical strategic move for banks. Our latest white paper, "Navigating the Transition to ISO 20022: A Strategic Imperative for Banks," explores the transformative impact of this global messaging standard and provides actionable insights for a seamless transition. 🔍 Key Takeaways: Understanding the benefits of ISO 20022 Strategies for a smooth implementation Managing risks and ensuring compliance Enhancing interoperability and efficiency Whether you're in the early stages of planning or actively navigating the transition, this white paper is your essential guide to staying ahead in a rapidly changing landscape #ISO20022 #BankingTransformation #FinancialServices #InstantPayments #WhitePaper #Fintech

The momentum towards the universal messaging standard ISO 20022 is undeniable. With 19% of global cross-border payments already using ISO 20022 on @Swift, the co-existence period until Nov 2025 is crucial. This recent webinar with Swift, Bottomline, East West Bank & HSBC highlighted key strategies for a successful transition. Here are some best practice strategies learned 👇 #ISO20022 #CrossBorderPayments #realtimepayments @PaymentsUnpacked Mike Chambers

One of the new value propositions enabled by ISO 20022 is to offer more personalised and tailored services to customers based on the rich data available in the payments messages. For example, our community will leverage the data to create new innovative solutions that address the specific needs and preferences of different customer segments, such as corporates, SMEs, or individuals.

ING's latest article sheds light on the decade-long shift to ISO 20022 across the financial sector. This trend represents more than just a technical update; this is a fundamental change in how financial messages are handled worldwide 🌍 The ISO 20022 standard exemplifies two key RegTech principles: 👉First, making both compliance and supervision tasks much more automatable by embedding the necessary metadata elements and structure within a firm's operational data 👉Second, coming together to implement standards and achieve interoperability. Read the full article here: https://ow.ly/79FC50QpUOQ #ISO20022 #RegTech #FinancialServices #ComplianceAutomation #FutureOfBanking #RegGenome