ISO 20022 has been the emerging messaging standard for payment Market Infrastructures (MIs) around the world, from High-Value Payments systems (HVPs) and Low-Value Payments systems (LVPs) to the securities and Foreign Exchange (FX) markets. Moreover, it has recently become the global standard for the world’s cross-border payments to harmonize interoperability between domestic and international payments and deliver a consistent experience for customers.

With all the advantages of ISO 20022 comes a high level of complexity in the migration of the current legacy MT standards to the new MX standards during the three-year transition period from 2022 to 2025, with that, financial institutions should gradually migrate their affected systems in phases, implement both standards and related workflows, and decide how to send the messages based on the migration status at the recipient end.

Watch the video to discover feasible ISO 20022 migration approaches and their respective pros and cons.

You May Also Like

Maximizing Potential: The Diverse Applications of Intelligent Signature Recognition

Maximizing Potential: The Diverse Applications of Intelligent Signature Recognition

Intelligent Signature Recognition solutions possess inherent values capable of tying diverse industries to deliver unparalleled security, streamlined operations, heightened efficiency and catalyzed innovation. But which industries stand to harness these advantages? And does each sector experience a distinct impact? Explore now to delve into the multifaceted applications of ISR!

Forgery Antidote: How Intelligent Signature Recognition Fortifies Security

Forgery Antidote: How Intelligent Signature Recognition Fortifies Security

Signatures stand as paramount forms of authentication, demanding robust safeguarding against potential forgery. Enter Intelligent Signature Recognition, harnessing transformative capabilities through artificial intelligence and machine learning, elevating security to unprecedented levels. Curious about how it works and the roles of AI and ML? Dive in to unravel the answers!

Demystifying E-checks: Evolution, Features and Benefits

Demystifying E-checks: Evolution, Features and Benefits

With the world heading towards a paperless more sustainable future, electronic checks emerge as a commendable solution. Beyond being eco-friendly, they outpace traditional paper checks in speed and efficiency, cutting costs while leveraging the latest innovations. Are you ready to explore the inner workings and tremendous advantages of e-checks? Dive into the article to unleash their full potential!