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Innovating operational resilience with financial messaging standards
The unforeseen crisis that was brought on by COVID-19 in 2020 has caused numerous disruptions to the industry. The key to remaining operationally resilient is to adapt. This paper explores the opportunity and benefits from the upcoming Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment message migration to ISO 20022. This paper recommends that the industry should proactively embrace new financial messaging standards. This effort should be championed as an investment to future-proof shocks with operations and regulatory risk. This is not just another ‘IT project’ but rather a globally coordinated effort where major central banks are leading the effort. In the end, the paper also advocates best practice on adopting the latest standards from a business analysis perspective.
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Jeremy Kwok is a technical operations specialist at Calastone — the largest global fund network. His role involves automating the investment fund transactions across the globe to help reduce frictional costs and lower operations risk for financial institutions and investors. Before embarking a career in finance, the author was an engineer working in the oil and gas and construction industries. He holds multiple degrees — BSc (Hons) in Civil Engineering and Surveying from University of East London (UEL) and MSc in Hydrographic Surveying from University College London (UCL). He was awarded a master’s scholarship for Business and Financial Economics (Greenwich). He is also a doctoral researcher.