ISO 20022 adoption
The brief
Adoption of ISO 20022 standards for payment messaging represents the biggest and most fundamental wave of change to regulatory payments in a generation. A leading tier one international bank was facing challenges with the sheer scale of change required to meet central bank requirements for migration to ISO 20022 message formats for domestic payment schemes (Real Time Gross Settlement (RTGS)) and SWIFT mandated timeframes for adoption of ISO 20022 for Cross Border Payments and Reporting (CBPR+).
We were therefore contracted to support the bank with its ISO 20022 adoption programme, particularly around managing business readiness and change adoption activity for migration to ISO 20022 message formats for both RTGS and CPBR+ transactions across over 52 different markets.
Our approach
This project involved working with stakeholders across the world and included:
- Developing and coordinating internal communications and SWIFT training;
- Developing and rolling out the new target operating models for payment support operations;
- Compreendendo uma avaliação de risco e planejamento de contingência com base em diferentes cenários (ou seja, Redução maior do que o esperado na reta através do processamento, volumes mais altos do que o esperado das mensagens recebidas em novos formatos, etc.). Nossas atividades facilitaram as alterações necessárias aos processos de negócios e operações existentes para apoiar a adoção dos novos padrões e identificar proativamente e mitigar riscos potenciais para a adoção bem -sucedida.
The solution and key benefits
The programme enabled the adoption of new payment message standards in line with industry and regulatory timeframes. Our activities facilitated the changes required to the client’s existing business and operations processes to support adoption of the new standards and proactively identify and mitigate potential risks to successful adoption.
