Smart Payments Modernisation with ISO 20022

Volante © Volante Technologies 2021

Smart Payments Modernisation with ISO 20022: A Guide for UK Financial Institutions

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Smart Payments Modernisation with ISO 20022A Guide for UK Financial Institutions



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Contents

Authors’ Introduction Executive Summary Background: A Long and Winding Road A New Payments Architecture ISO 20022 - the global language for financial messaging Benefits of ISO 20022 Global payment industry trends and drivers for ISO 20022 adoption Creating value from your ISO 20022 strategy Interoperability fuels the transformation of Cross-Border PaymentsChallenges Essential Elements of Smart ISO 20022 Modernisation Identify your starting point Perform a comprehensive impact analysis Be prepared for data truncation Understand the different approaches and timelines Customer centricity - communicate, educate and support What does Success Look Like?

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Authors’ Introduction

This whitepaper is for those who are responsible for overseeing the migration in their businesses to ISO 20022.

In publishing this paper, Volante Technologies and Pay.UK have set out to address some of the concerns we most commonly encounter when speaking to participants in the UK banking payment ecosystem. Ultimately, payment services providers, be they banks, building societies, or fintechs, are asking similar questions:

• Why is the industry moving towards ISO 20022?• What UK payments systems and processes will be affected by ISO 20022, and how?• What are the benefits for various ecosystem participants, particularly corporations and financial institutions?• How should financial institutions approach ISO 20022 readiness?

In considering these questions, and surveying available sources of answers, we discovered that while there is a great deal of information available about ISO 20022, there is a lack of material that addresses these questions directly, taking both industry best practice and technology considerations into account.

It is against this backdrop that the current document explores the importance of the adoption of ISO 20022, and the essential elements of a smart modernisation strategy which balances the tactical requirements of message compliance with the need to build differentiated services enabled by the newer and more flexible ISO 20022 standard with its enhanced data carrying capabilities.

We trust that UK payment services providers will find our perspectives on the questions above, and the smart modernisation approach to ISO 20022 adoption, a valuable addition to the national discourse on payments modernisation.

James Whittle, Director of Standards, Pay.UK

Domenico Scaffidi, VP Global Market Infrastructures, Volante



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Executive Summary

1 Payment Strategy Forum. (2017, December). NPA Design and Transition Blueprint. https://implementation.paymentsforum.uk/key-documents

The 2017 publication of the Blueprint for the Future of UK Payments heralded the roll-out of the New Payments Architecture (NPA)1. The financial messaging standard ISO 20022, with its comprehensive extended data capabilities, is a fundamental structural element of the NPA, with wide-reaching implications for the national payments landscape.

While industry deadlines are still evolving, specific milestone dates are less important than the fact that those milestones will be met and are approaching rapidly. The timely migration of UK payments systems to the ISO 20022 standard, and the ability of all ecosystem participants to adopt the standard, is key to meeting the objectives of the NPA.

In the credit column, the benefits are self-evident: one global standard based on a technically superior language promising greater interoperability, improved compliance, enhanced inter-bank communication, increased automation, streamlined reconciliation processes, and innovation delivering a better customer experience. ISO 20022 is an ideal match for the data-rich, instant 24x7 customer experiences that corporations are increasingly demanding, based on their experiences in the consumer realm.

In the debit column, challenges abound, whether it is modernising or replacing legacy infrastructure, rethinking data management, addressing regulatory compliance, deciding between competing projects, or managing the complexity of corporate customer payment requirements across markets and market infrastructures.

For providers of payments services, particularly banks and building societies operating on antiquated infrastructure, technology modernisation is essential to address these challenges and realize the benefits of ISO 20022. However, there is no “one size fits all” path to modernisation. Smart modernisation allows financial institutions and service providers to align their modernisation strategies with the fastest tactical paths to value for themselves and their customers. Essential elements of smart modernisation include:

• Clearly identifying strategic starting and ending points• Assessing migration impact on end-to-end processes, including customer touchpoints• Preparing for the side effects of co-existence between older standards and ISO 20022, especially data truncation, and

understanding the limitations of like-for-like translation-based approaches• Accounting for variable migration approaches and timelines across market infrastructures, both UK domestic and cross-

border (SWIFT)

Of course, a modernisation programme that merely replaces older systems with somewhat newer ones will hardly have been worth the effort. Financial institutions should strongly consider new approaches to the payments infrastructure and the management of payment operations, based on configurable ISO 20022 native component services rather than monolithic products, and cloud rather than traditional data centers. With the right strategy, efficiency driven cost savings, growth and revenue opportunities driven by an enhanced customer experience, and the rewards of innovation are there for the taking.

https://implementation.paymentsforum.uk/key-documents



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Background: A Long and Winding Road

The NPA was not the result of an in vacuo rethinking of the UK payments landscape. Rather, in the years leading up to the creation of the NPA, the banking sector in the UK was subject to numerous inquiries, consultations, and reports into the effectiveness and nature of competition within the industry. During this process concerns were expressed about payment systems in the UK with regard to inefficiencies, lack of competition and governance issues.

A New Payments Architecture

As part of a continuing regulatory response to these concerns the Payment Systems Regulator (PSR) was launched during April 2015. A key component of the PSR mandate included the identification of the strategic priorities for the future of the UK payments industry, the findings of which were embodied in the 2017 publication of its Blueprint for the future of UK payments (Blueprint), a conceptual design for the modernisation and future-proofing of the UK’s retail payments infrastructure.

The Blueprint sets out a vision for the future of UK retail interbank payment systems that would enable simpler access, ongoing stability and resilience, greater innovation and competition, increased adaptability, and better security, to meet the needs of current and future generations of Payment Service Users.

Pay.UK is delivering the New Payments Architecture, the next generation payments platform for the UK. Developed in collaboration with industry, end users and regulators, the NPA will benefit nearly every person, business and charity in the UK as they make and receive payments such as supplier or utility bills, benefit payments, salaries and savings. As a platform, the NPA will consist of a suite of payment types utilising ISO 20022, a state-of-the-art clearing and settlement capability and supplementary overlay services, enhancing the value delivered to service and end users. It means the market will have the tools and technologies needed to tackle existing problems seen with interbank payments and also, the opportunity to innovate through new products and service, unlocking the category growth potential. Rules and standards defined and overseen by Pay.UK will enable increased competition through low entry barriers whilst keeping the NPA robust and resilient at all times.

In addition to the responsibility of delivering the NPA, Pay.UK was tasked with consolidating the operations of the three main UK Payment System Operators: Bacs Payment Schemes Limited (Bacs), Cheque and Credit Clearing Company Limited (ICS), and Faster Payments Scheme Limited (FPS).



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ISO 20022 - The Global Language For Financial Messaging

A core design principle that underpins the NPA is end-to-end interoperability, including Application Programme Interfaces (APIs) and a common messaging standard based upon ISO 20022. Pay.UK and the Bank of England as operator of CHAPS and RTGS (“the Bank”) publicly committed to working together on the implementation and maintenance of ISO 20022 to maximise the benefits for the UK’s main interbank payment systems.

In its most recent update2 at the end of November 2020, Pay.UK published the conclusions and next steps to its February 2020 consultation Next Generation Standard for UK Retail Payments in which it announced a target date of H2 2021 for an initial publication of the ISO 20022 schemas and implementation guides for retail banking payments.

SWIFT, however, in response to industry feedback announced in March 2020 that it had decided to extend the original timeline for implementation of its new ISO 20022 based messaging standard for cross-border payments by one year to November 2022. The coexistence period for the current SWIFT MT/FIN messages and a new API-based exchange will last until November 2025. After that point, all SWIFT payments traffic will be completely ISO 20022 based.

Following closely upon the announcement made by SWIFT, the Bank of England made a similar call in August 2020 and rescheduled the go-live of its CHAPS (Clearing House Automated Payment System) ISO 20022 migration from April 2022 to June 2022. Messaging would be confined to a like-for-like basis until the beginning of February 2023 whereupon all CHAPS Direct Participants would receive enhanced ISO 20022 payment messages and at a minimum continue to send like-for-like messages, using the enhanced XML schemas. CHAPS Direct Participants will be able to send enhanced messages but will not be mandated to do so.

This set of plans and timelines appears innocuous but creates a complex set of co-existence and duality requirements. Financial institutions and payment services providers will have to nimbly manage situations where at any given time, until all market participants are ISO 20022 capable, there will be a mix of old and new message types being exchanged between corporate customers, bank internal systems, and clearing and settlement networks.

2 Pay.UK. (2020, November). Next Generation Standard for UK Retail Payments: Conclusions and Shaping the Way Ahead. https://www.wearepay.uk/next-generation-standard-for-uk-retail-payments-conclusions-and-shaping-the-way-ahead/

2021 Initial publication of ISO 20022 schema and implementation guide

New base standard for Cross-border payments:• Start of coexistence period• Go live of CHAPS ISO migration• Like for like

Start of enhanced message capabilities

All Swift traffic completely ISO 20022 based

2022

2023

2025

https://www.wearepay.uk/next-generation-standard-for-uk-retail-payments-conclusions-and-shaping-the-



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Benefits of ISO 20022

The introduction of new standards invariably present market participants with a choice: meet the minimum requirement and remain compliant – an “if it ain’t broke don’t fix it” mindset; or embrace the new standard as an opportunity to transform and innovate. Viewed in this light, the adoption of ISO 20022 should be seen as a business driver for change and innovation rather than an additional cost associated with participating in the global payments ecosystem.

Global payment industry trends and drivers for ISO 20022 adoption

With digital technology transforming the payments landscape, the following global trends are emerging, all with ISO 20022 either at their core or playing an essential role:

Open Banking Financial regulators and legislators in many countries are encouraging moves to open the banking industry to greater competition while simultaneously prescribing how data is to be collected, processed, and used in the payments industry. Open Banking was introduced in the UK in January 2018 via Open Banking Ltd, which was set up by the Competition and Markets Authority to bring more competition and innovation to financial services. In the EU, the roll out of Open Banking is supported by the Revised Payment Services Directive, and the General Data Protection Regulation introduced into UK legislation by the UK Data Protection Act 2018. While Open Banking frameworks may not mandate any specific message standard, ISO 20022 is the natural communication medium for different participants in an Open Banking ecosystem.

Market infrastructure renewal Payment market infrastructures (PMIs) are renewing aging infrastructure to support the innovation enabled by digitalization. These renewal programmes will provide new functionality, such as instant payments, centralised collateral and liquidity management, and data-enriched standardised messaging. With very few exceptions, PMIs are converging on ISO 20022 as the messaging backbone for their renewed infrastructures. The adoption of ISO 20022 by market infrastructures will enable banks to implement seamless end-to-end processes as well as build the case for using ISO 20022 in cross-border transactions as banks that participate on those PMIs will be required to invest in ISO 20022 capabilities.



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Global adoption of ISO 20022 China and India are already live with ISO 20022, while over the next three and a half years the migration of the UK, Eurozone, US, and Canada will transition to ISO 20022 comprising over 87 percent of global high value clearings.

Regulatory compliance Compliance obligations are growing, requiring a completeness and structure of data that older message formats cannot provide. ISO 20022 enables richer party information to be included in the message, enabling financial institutions to comply with financial regulations that require party details to be complete, rather than truncated.

Instant/Real-time payment structures The growing number of real-time payment schemes specifying ISO 20022 as their standard has provided the impetus for a major re-engineering of internal payment systems for many banks. The technology used to underpin real-time payments may also be deployed for cross-border payments and it is expected that a market will develop for real-time cross-border payments, realised by the interlinking of these systems. Banks wishing to play a role in this market will require a cross-border ISO 20022 capability.

Corporate payment servicesThe Common Global Implementation – Market Practice (CGI-MP) provides a forum that promotes wider acceptance of ISO 20022 as the common XML standard used between corporate enterprises and banks. Representatives drawn from the payments industry, including Volante Technologies and Pay.UK, work together to agree common implementation templates for various ISO 20022 financial messages. By publishing and promoting these messages, the group aims to attain their widespread recognition and adoption. In offering new services to corporates, financial institutions are increasingly expected to ensure all data submitted in a corporate payment initiation will be transported end-to-end through the value chain. To do this, banks must migrate to ISO 20022 in their corporate banking services.

87%of global high value clearings will be ISO 20022 based by 2025



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Creating value from your ISO 20022 strategy

Digitalisation - the capturing, storing, and use of increasing amounts of digital information, is transforming the payments industry, with participants seeing a significant increase in the type and amount of the data they collect. Adopting ISO 20022 will both enrich and introduce additional data to the payments process.

Advances in technology underpin the collection, processing and sharing of data on an ever increasing scale at lower cost. As the quality of data improves, emerging technologies such as Artificial Intelligence and Machine Learning, which require large data sets, are better positioned to drive value by leveraging the power of advanced data analytics, improving compliance, and helping address financial crime.

The adoption of ISO 20022 will deliver a wide range of benefits to the payments community.

One global standardThe consolidation of the many payment formats that populate the payment landscape will reduce the complexity and cost associated with maintaining multiple formats.

A technically superior languageThe standard delivers a significant improvement over legacy formats commonly used today. Agnostic of syntax or technology, and whether used for traditional XML-based messaging exchange or to support JSON-based API services, ISO 20022 delivers much richer contextually relevant data. Data integrity problems associated with truncation and misinterpretation of values in free-format fields leading to delays in processing will be addressed by the ISO 20022 standard with its comprehensive data dictionary, extensibility, and capacity for message syntax validation.

Greater interoperabilityISO 20022 provides an open, interoperable standard for financial data exchange that will streamline the payment and reconciliation process, both domestically and cross border, for greater straight through processing. Removing global barriers, improving accuracy and efficiency will not only lower transaction costs but also optimise cashflow from faster business cycles, improve intraday liquidity management by providing a real-time view of payments, and enhance the visibility of cash positions for beneficiaries.



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Interoperability Fuels the Transformation of Cross-Border Payments

The world is becoming more interconnected, boosting demand for fast and low-cost services that enable cross-border transactions. This evolution supports the drive towards creating a seamless pathway for cross-border payments into real-time domestic networks. Removing the friction between different payment ecosystems, domestic and cross border payments.

Improved compliance practices Unstructured data used in the payment and reporting process adds to the risk of misinterpreting data, increasing the number of false positives, ultimately leading to delays in payment. The richer and more structured format of ISO 20022 streamlines the transaction screening process reducing the number of incorrectly flagged payments, saving time, and reducing cost.

Enhanced inter-bank communicationThe adoption of more structured, standardised data introduced by ISO 20022 will help reduce and automate exception and investigation activities attendant upon an ever more demanding regulatory environment. With free format messaging seemingly the preferred mode of resolution, the move to a more structured, standardised data format will improve the customer experience in terms of the speed at which payments are made and the ease with which they are completed.

Increased automation The evergreen Gartner report Ten Key Actions to Reduce IT Infrastructure and Operations Costs3 estimates that 60% of IT budgets are spent on integration - sewing together payment and transactions systems rather than focusing upon revenue generating activities. Where all participants in the payments systems are aligned to ISO 20022, integration becomes less of an issue reducing complexity, inefficiency, and cost.

Enhanced reconciliation processWith extended data carrying capabilities allowing for the introduction of additional information e.g. invoices for goods and services, traditional reconciliation processes such as the reconciliation of incoming payments with outstanding invoices will be easily automated by EPR systems that are ISO 20022 compliant.

Better customer experience and opportunity to innovate ISO 20022 should allow banks and other participants to innovate and leverage data rich information that opens up additional predictive, knowledge derived, and information based commercial opportunities. These opportunities when combined with the benefits of accuracy, efficiency and speed will make a material contribution to enhancing the customer experience.

3 Pultz, J. (2011, July). Ten Key Actions to Reduce IT Infrastructure and Operations Costs. Gartner. https://www.gartner.com/en/documents/1744215/ten-key-actions-to-reduce-it-infrastructure-and-operatio

39%

24%

20%

13%

4%

Cross-border Interoperability

Fraud Prevention

B2b Payments including Cash Management & Liquidity Management

Interoperable Retail Payment Services in the UK

Other

0 5 10 15 20 25 30 35 40

Poll results from webinar. Volante Technologies, 2021.

Where do you expect the greatest benefits of enhanced data (ISO 20022) to be?

https://www.gartner.com/en/documents/1744215/ten-key-actions-to-reduce-it-infrastructure-and-operati



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Challenges

Projects of this nature are not without risk. Some of the key challenges faced by banks during the migration include:

Legacy infrastructureThe complexity of the technological challenge faced by banks with an extensive investment in legacy systems that must be integrated with modern payments systems should not be underestimated.

Rethink data managementThe transformation of legacy formats to the new standard and the enormity of the undertaking will require banks to redefine how their ISO 20022 data will be collected, processed, stored, and analysed.

Other

6%

Internal Systems Ready

15%

Payment Channels and Internal Systems

13%

Payment Channels Ready

10%

Neither Channels nor Internal Systems

56%

Financial institutions must adapt their systems to harness this data. Banks need to treat ISO 20022 as an opportunity — rather than focus on basic compliance with scheme mandates — and focus on how to deliver meaningful business results via new, rich-data services.

Cost constraints and competing projectsWith interest rates at historical lows narrowing net interest margins, credit losses compounded by the pandemic and economic downturn, and increasing competition and regulatory pressure limiting the opportunity to lift transaction fees, the technology budgets of banks will inevitably be constrained. Large scale payment transformation projects must also compete with other projects equally as transformational in nature, planned or in progress, in the wider digital transformation landscape.

Differences across markets and market infrastructuresThe global nature of the project dictates that different markets will set their own deadlines for migrating to the ISO 20022 standard, as well as establishing their own implementation guidelines for the different payment schemes they are responsible for. It follows that periods of duality where both banks and their corporate customers use different formats will occur and for which a solution will be required.

Poll results from webinar. Volante Technologies, 2021.

What is the State of the Readiness of Your Firm to Send and Receive Enhanced Data in ISO 20022?



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Essential Elements of Smart ISO 20022 Modernisation

The first step towards a smart modernisation strategy is to realize that ISO 20022 adoption is much more than a message format update. The move to the new standard brings with it wide-ranging strategic implications for most if not all financial institutions. ISO 20022 provides an opportunity for financial institutions to extend their digital transformation and modernisation journey. Wholesale replacement of legacy systems is not the only option. Fintech players offering payments-as-a-service (PaaS) in the Cloud enable financial institutions to minimize the upfront investment required to modernize their payments portfolio by integrating these platforms via APIs into their core banking systems.

Many members of the global payments community are well on their way to modernisation and are already benefitting from the move to ISO 20022. There is much to be learned from these pioneers and their experiences to date. It is to those members who have generously shared their insights and learning along the payments highway that we look. Distilled below are a number of key insights, essential elements of smart ISO 20022 modernisation, drawn from this shared knowledge.

Identify your starting point

While the ideal of leveraging the adoption of ISO 20022 to rethink bank operating models for payments is attractive, McKinsey in its 2020 Global Payments Report4, observes that deciding on the future payments operating model of a bank first requires determining the level of ambition in payments the bank holds. Success for banks will depend on thoughtfully assessing capabilities, determining the role of payments in market strategies, and appropriately aligning payments operations to achieve the required performance improvements.

McKinsey identifies four potential operational models, each with appeal to banks facing particular strategic circumstances:

Perform an end-to-end impact assessment

To ensure a seamless migration to ISO 20022, Tata Consultancy Services in its report ISO 20022 Standard: Understanding the Impact on Payments5 advises banks to:

• Perform end-to-end impact assessment and gap analysis of payment data from capture to execution and archive, identifying all the impacted channels and touch points including all channels that can originate payments

• Review the data format and in and out interfaces for each touchpoint in the payment value chain to identify readiness for migration to the ISO 20022 standard and the ability to manage new data points and extended fields

• Map the gap analysis to the enterprise strategy to identify impacted systems and processes and align change programs with the enterprise strategy for the payment engine

The assessment will also provide an opportunity to identify those legacy systems that cannot escape modernisation, as well as those components that can be shielded through translation and reconstruction technology.

While the focus is on the core payment system banks will also have to consider related business systems that fall under the wider banking umbrella such as trade finance, capital markets and securities that will inevitably be touched during the ISO 20022 migration.

• A carve-out and scaling of payments• A partnership to share payments utilities

• Offers of payments as a service• Outsourcing of selected payments services

4 Bruno, P., Denecker, O., & Niederkorn, M. (2020, October). Accelerating winds of change in global payments. McKinsey & Company. https://www.mckinsey.com/industries/financial-services/our-insights/accelerating-winds-of-change-in-global-payments5 Lakhani, R. (2019). ISO 20022 Standards: Impact of Migration on Banks | TCS. Tata Consultancy Services Limited. https://www.tcs.com/iso-20022-standard-understanding-the-impact-on-payments

https://www.mckinsey.com/industries/financial-services/our-insights/accelerating-winds-of-change-in-

https://www.tcs.com/iso-20022-standard-understanding-the-impact-on-payments



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Be prepared for data truncation

Loss of data through truncation must be expected and mitigated6 when moving ISO 20022 compliant MX messages across MT based legacy systems.

Banks will be required to develop solutions that can both reconstruct an outgoing MX message by combining the original incoming MX message with the downgraded MT message that has already been processed, as well as validate that the reconstructed message is an ISO 20022 compliant MX message7.

In the absence of this capability payments may not be processed correctly, and screening processes may fail to flag transactions that are in violation of one or more regulatory requirements.

Understand the different approaches and timelines

The global implementation of ISO 20022 poses coordination challenges to all banks. There are differences in both migration timelines and approaches chosen by market infrastructures and banks to implement ISO 20022, introducing additional complexity into what is already a challenging orchestration.

Notable changes to the timeline include: the decision by SWIFT to delay its implementation of ISO 20022 in the correspondent banking space by a year to November 2022; the announcement by the European Central Bank to delay its T2-T2S consolidation project by one year in line with the SWIFT migration; EBA CLEARING’s ISO 20022 migration of EURO1 and STEP1 confirmed that it would follow the lead of SWIFT; the Bank of England’s change in approach, with CHAPS set to go live with like-for-like messages in Spring 2022.

Differences in approach, each with their own advantages and disadvantages, range from a “big bang” migration to progressing in phases e.g. T2, and Euro 1 migrations will take place as big bang migration, whereas CHAPS in the UK will be a phased migration.

Customer centricity - communicate, educate and support

Given the scale of the undertaking banks face in migrating their systems towards ISO 20022, it is understandable that considerable internally focused attention is paid to the efficiencies and cost savings to be made in supporting the business case for moving to the new standard.

Credit Suisse, in the case study ISO Strategy for Services - Case study #5 - Credit Suisse8, shares a refreshing look at how putting the client first is the key, creating a change framework around the crucial migration steps that must be taken, and placing customer needs at the centre of developments.

Communication, not only to customers but all stakeholder groups, should be initiated as early as possible. Whether providing technical information in support of the migration process or providing evidence that payments harmonization will deliver opportunities to create benefits for all stakeholder groups, “Telling the right story, at the right time, to the right audience and in the right words.” was succinctly identified as the challenge.

In addition to written material, access to key specialists who can support customers during the implementation phase of the project will also be required.



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What does Success Look Like?

Data quantifying the results of a successful migration to ISO 20022 is scarce.

Research undertaken during 2015 by Payments Canada, The economic benefit of adopting the ISO 20022 payment message standard in Canada9, estimated cost savings of $4.5 billion from the reduction of cheque use over a five year period following the research.

Without quantifying the value of potential benefits the Standards Advisory Panel10, in discussions with the Bank of England and Pay.UK during 2019, identified a number of benefits that could be realised through the delivery of ISO 20022. Improvements that lend themselves to measurement more easily than others included:

• Improved risk management• Reducing fraud and economic crime• Efficiencies in processing

At a higher level of aggregation, and not cast in stone, the 2017 NPA Blueprint placed an estimate of discounted net benefits (gross benefits less costs discounted over 2019-2031) accruing from the NPA in the range of £6 billion to £7.4 billion. This value reflects the benefits of the overlay services, as well as the efficiency savings from the consolidation of the payment schemes under Pay.UK. And while not all of the benefit can be attributed to the adoption of ISO 20022, the successful migration to the standard will be a material contributor to the success of the NPA and the benefits quantified.

6 Hamilton, A. (2020, June). Report: Five success factors for an ideal ISO 20022 migration. FinTech Futures. https://www.fintechfutures.com/2020/06/report-five-success-factors-for-an-ideal-iso-20022-migration/7 Henderson, D., Canfield, K., LaBar, W., Greer, K., Schmidt, A., & Patel, A. (2020). From Heritage to Hypernew: Exploring MX options for Correspondent Banks. CGI. https://www.cgi.com/us/en/white-paper/banking-and-capital-markets/heritage-hypernew-exploring-mx-options-correspondent-banks8 ISO. (2016). ISO Strategy for Services - Case study #5 - Credit Suisse (ISO 20022, Universal financial industry message scheme). https://www.iso.org/publication/PUB100391.html9 Neville, A. (2015, November). The economic benefit of adopting the ISO 20022 payment message standard in Canada. Payments Canada. https://www.payments.ca/sites/default/files/2016-economic-benefit-iso20022_1.pdf10 Bank of England. (2019, June). Minutes of the Standards Advisory Panel - April 2019. https://www.bankofengland.co.uk/minutes/2019/standards-advisory-panel-april-2019

£7.4bnestimated discounted net benefit accruing to the UK

https://www.fintechfutures.com/2020/06/report-five-success-factors-for-an-ideal-iso-20022-migration/

https://www.cgi.com/us/en/white-paper/banking-and-capital-markets/heritage-hypernew-exploring-mx-opt

https://www.iso.org/publication/PUB100391.html

https://www.payments.ca/sites/default/files/2016-economic-benefit-iso20022_1.pdf

https://www.bankofengland.co.uk/minutes/2019/standards-advisory-panel-april-2019


©All rights reserved 2021

@volantetechVolante Technologies/company/volante-technologies

[email protected] City (HQ), USAMexico City, Mexico

Pune, India

London, UKChennai, IndiaDubai, UAE

Hyderabad, IndiaBogotá, Colombia

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w.volantetech.com

About Volante TechnologiesVolante Technologies is the leading global provider of cloud payments

and financial messaging solutions to accelerate digital transformation. We serve as a trusted partner to over 100 banks, financial institutions, market

infrastructures, clearing houses, and corporate treasuries in 35 countries. Our solutions and services process millions of transactions and trillions in value every

day, powering four of the top five corporate banks, 40% of all US commercial bank deposits, and 70% of worldwide card traffic. As a result, our customers can stay ahead

of emerging trends, become more competitive, deliver superior client experiences, and grow their businesses through rapid innovation.

To learn more, visit www.volantetech.comFollow us at linkedin.com/company/volante-technologies and twitter.com/volantetech

About Pay.UKPay.UK is the not-for-profit company which runs the shared utilities and services

necessary for the UK’s interbank retail payments to happen.

A shared utilities and services model is the most efficient way for the payments industry to operate and works

if the clearing and settlement services at the heart of it are robust, resilient and optimised in line with what

the market demands. This is why we define the standards and rules and operate central infrastructure that

accommodates multiple participants.

It is critically important for us to focus on getting the next generation payments infrastructure renewal

programme right on behalf of the overall industry as we develop the New Payments Architecture.

Therefore, it is crucial that we understand the future of everything to do with payments.

We know that future-proofed clearing and settlement services which are robust and resilient, plus

standards and rules for enhanced functionality, means the market will have the foundation upon

which to innovate and create products and services their customers require.

For further information please visit: www.wearepay.uk

http://www.volantetech.com

http://linkedin.com/company/volante-technologies

http://twitter.com/volantetech

http://www.wearepay.uk

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Smart Payments Modernisation with ISO 20022

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