SWIFT Delivers Over 150 ISO 20022 Consulting Projects

SWIFT Delivers Over 150 ISO 20022 Consulting Projects
15.06.2015 01:00 am

SWIFT Delivers Over 150 ISO 20022 Consulting Projects

SWIFT announces that its Standards Consulting Services team has delivered over 150 ISO 20022 consulting projects to more than 70 clients across the globe.

Based on this experience, and given the growing market interest in ISO 20022, SWIFT is now issuing best practice implementation guidelines, which complement its Standards Consulting Services.

ISO 20022 has become the financial industry’s preferred standard, driven mostly by market infrastructures. Currently, there are 200 initiatives around the world that have either implemented, or are planning to implement, ISO 20022. These include SEPA, TARGET2-Securities, TARGET2, EBA EURO1/STEP1, DTCC and ASX. Each of these projects has a downstream impact on the financial institution participants.

"The impetus for market infrastructures to use ISO 20022 comes from several internal and external factors, such as regulatory reform, market integration, automation and cost efficiency, international expansion, new services or replacement of legacy systems,” says Andrew Muir, Head of Standards Operations, SWIFT. “ISO 20022 is an opportunity for financial institutions to respond to a rapidly changing market landscape, and it carries the longer term cost benefits of consolidation of external channels and data formats.”

As a part of SWIFT’s effort to support the community, the co-operative has published a Best practice guideline for successful implementation of ISO 20022 for financial institutions.

The paper offers market participants the latest information about ISO 20022, including growth drivers, adoption approaches taken by market infrastructures, implementation approaches being adopted by the financial institution community, and best practice guidelines.

Designed specifically for financial institutions as they implement ISO 20022, the paper outlines a step-by-step approach for:

·         Defining a practical implementation roadmap;

·         Defining the business impact assessment;

·         Defining the technology assessment;

·         Defining the ‘to-be’ business architecture;

·         Defining the various layers of the enterprise architecture – across business; data; application and technology;

·         Ensuring the right balance across business and IT internal stakeholders.

These best practice guidelines assist with both the implementation of standards initiatives and the adoption of market practices, complementing SWIFT’s growing range of tools to enable ISO 20022 adoption, which includes consulting services to support implementation projects.

“The adoption of ISO 20022 is growing rapidly, particularly with market infrastructures,” says Patrik Neutjens, ISO 20022 Programme Director, Standards, SWIFT. “Given financial institutions manage multiple market infrastructure implementations; they need a plan for ISO 20022. There is a learning curve and whether organisations are facing a single migration or multiple programmes, SWIFT’s expertise in standards implementation can help financial institutions define tactical or strategic projects, ultimately leading to an implementation roadmap.”

For more information about ISO 20022 implementation, please click here for a copy of the paper. 

Related News

British Business Bank accredits Metro Bank to the Bounce Back Loan Scheme

Today the British Business Bank has announced that it has approved a new lender for accreditation to the Bounce Back Loan Scheme for small business across the... Read more »

High-speed, high-volume data transfer facilitated by 5G will enhance industrial operations in connected factories

Frost & Sullivan’s recent analysis, Role of 5G Communication Revolutionising Industrial Internet of Things, finds that the... Read more »

India’s smart cities playing big role in technology led battle against COVID-19, says GlobalData

As seen in many countries across the globe, smart cities in India too have been playing a major role and leading the way in the country’s battle against the COVID-19 pandemic,... Read more »

Brazilians tend to increase spendings on ecommerce after the pandemic, EBANX study shows

A research launched by EBANX, on the impacts of the COVID-19 pandemic on the ecommerce market in Brazil and the post-pandemic perspectives, brings in the results an intention... Read more »

39% of UK adults suffer Covid income drop, taking home over 30% less - with the UK’s furlough scheme not filling the gap

A new international study of over 6,000 respondents from smart money app, Yolt, has quantified the... Read more »

MAS Registered RF Fund Management Secured Inaugural VCC Incorporation Strategic Milestone

Monetary Authority of Singapore (MAS) registered RF Fund Management, a subsidiary of RF International Holdings, has unveiled following... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel