The article predicts that by 2023, ISO 20022 will account for 80% of transaction volumes and 87% of transaction value globally. The benefits of adopting this standard heavily outweigh the drawbacks, as it offers compatibility, speed, and efficiency that the old standard cannot match. Straight through processing will reduce maintenance costs and minimize customer delays, while enriched data and analytics will aid in identifying fraud and money laundering. Overall, this global transition to ISO 20022 will have a significant impact on the financial sector worldwide.
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The Rise of ISO 20022
ISO 20022 has been gaining traction in the financial industry for quite some time now, and for good reason. It’s projected that by 2023, ISO 20022 will account for 80% of transaction volumes and 87% of transaction value globally. With statistics like these, it’s clear that this standard is not something to be ignored.
The Benefits of Adopting ISO 20022
The pros of every country adopting ISO 20022 heavily outweigh the cons. The compatibility, speed, and efficiency of this standard are incomparable to the old one. Straight through processing reduces maintenance costs and the need for banks to intervene, which leads to less delays for their customers.
But the benefits don’t stop there. The enriched data and analytics provided by ISO 20022 will help identify fraud and money laundering, making financial transactions safer and more secure. The reasons for adopting this standard go on and on, but overall, it’s clear that the global transition to ISO 20022 will have a profound impact on the worldwide financial sector.
The Impact of ISO 20022 on the Financial Industry
The adoption of ISO 20022 will change the way financial institutions operate. In addition to the benefits mentioned above, it will also facilitate easier integration between different systems and increase standardization across the industry.
This global transition to ISO 20022 will undoubtedly have a ripple effect on the financial industry, but it will also have far-reaching consequences for businesses of all sizes. Companies that do not adopt the new standard risk falling behind their competitors who do, potentially losing customers who value speed, efficiency, and security in their financial transactions.
In conclusion, the rise of ISO 20022 is not something to be overlooked. Its benefits are clear, and its impact on the financial industry is sure to be significant. As more and more countries and financial institutions adopt this new standard, the benefits will only continue to grow.
