Financial institutions should begin with the shift towards electronic checks for many reasons, and here are the fun facts to prove it by ProgressSoft’s Asile Sulaiman.
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.
Interested in learning about how ProgressSoft can help you migrate to ISO 20022? Start by contacting us at [email protected].
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