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ISO 20022: Understanding the scale of change
Journal of Digital Banking,
5
(2),
126-136
(2020)
Abstract
Payments are set to undergo phenomenal change. The industry-wide move from existing payment messaging formats to ISO 20022 incorporates cross-border, high-value payments/wire transfers and will touch the payment life cycle end to end. As the implementation deadlines draw nearer, the implications for banks are more wide-reaching and involved than many have yet to fully comprehend. This paper examines what is changing, what banks will need to consider and the opportunities that are being presented.
Keywords: ISO 20022; payments; SWIFT; coexistence; technology; data; operational efficiencies; risk management; straight-through processing; artificial intelligence; real-time payments; client experience
The full article is available to subscribers to the journal.
Author's Biography
Isabel Schmidt is a senior executive, with over 20 years of experience in global cash management, driving strategic planning and business development, product and market management and risk and regulatory management. She has a strong track record of driving change and generating sustainable bottom-line contributions and proven experience building and managing diverse, highly motivated and results-oriented teams. Isabel is currently responsible for BNY Mellon’s Direct Clearing and Asset Account Services products. In this capacity, she shapes and executes the product strategy for its USD, EUR and GBP clearing services to its domestic and global clients and its banking and cash management services for NBFIs. Isabel and her team drive market and industry engagement related to major transformation initiatives affecting its clients in the coming years in the cross-border payment space in order to ensure alignment with BNY Mellon’s strategic objectives. Prior to joining BNY Mellon, Isabel was most recently responsible for leading Deutsche Bank’s product management function for all cash management products in the Americas and previously held diverse senior positions at Deutsche Bank covering product management and business line leadership roles in cash management and global clearing.
