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ISO 20022: The implications for payments processing and requirements for its successful use
This paper discusses the ISO 20022 standard. It examines the implications for the payments and securities businesses and identifies some potential issues and challenges that will be faced. It discusses what individual institutions need to do to prepare for the successful adoption of the new standard. Lastly, the role of SWIFT in the governance of ISO 20022 is outlined.
The full article is available to institutions that have subscribed to the journal
Steve Goswell is a Principal at Barclays Global Investors (BGI) in San Francisco, California. With BGI since 1992, Steve has held several positions within the Global Technology organisation. He is currently responsible for Global Messaging Development. Previously, he held management responsibility for US Operations Technology, the SWIFT Infrastructure and Global Messaging Support. Steve was also the technical lead on a major outsourcing initiative in which custody and accounting functions for over $600bn of assets were transferred to Investors Bank & Trust in 2001. Prior to joining BGI, he worked at Paribas Capital Markets Group in London. Steve received an MS in Computer Science and a BS in Mathematics from the University of London. He is actively involved in the Securities Industry. Steve is the 2006 Chair of the ISITC (Industry Standardization for Institutional Trade Communication) Board of Directors and a member of both the FpML Standards Committee and the SWIFT Harmonisation Working Group for Securities Services.