ISO 20022 enables radically improved payments trends analytics and predictions for corporate customers. What does this look like in practice? A new joint whitepaper by Fiorano and Accenture details three compelling examples. Improved machine readability and standardisation.

Faster speed-to-market for new products.

Higher straight-through processing rates.

Improved compliance, risk management and innovation.

The new standard will allow payments players to re-imagine and transform their businesses from the inside out based on rich, contextual data.

Powering customer experience transformation.

Lowering costs through improved reconciliation.

More stringent anti-money-laundering checks and other financial crime prevention measures.

The potential for this richer data to transform business models and operations is virtually limitless. The format will allow, for the first time, rich business data to travel alongside a payment, end-to-end from the originator to the beneficiary systems. We can see why by looking at the ISO 20022 message format, which neatly encapsulates the high-level impact of the new standard. Inside that complexity lie some operational hurdles for payments players-but also tremendous opportunities. There’s no two ways about it: ISO 20022 is a complex new standard for financial services firms of every description.

Iso 20022 example