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Enter: ISO20022. For a few years the corporate banking space has been discussing the potential for ISO20022 to streamline payments, with industry forces like SWIFT and SEPA promoting its adoption. First, payments will be faster and often real-time. But perhaps the most complex chlalenge is awareness.
Swift has today set out plans to help financial institutions streamline the cross-border payments experience for their corporate customers, by extending ISO20022 across the entire payment chain and giving banks ready-to-use, white-labelled tracking services that can be activated for customers at the click of a button.
Analysts continue to flesh out their predictions for payments and FinTech in 2017, but one can never truly know the exact direction an industry will take. As ISO20022 becomes more adopted, much more information can flow with the payment and make reconciliation easier and more reliable.”.
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