The comprehensive report offers practical insights for a seamless transition to the global financial messaging standard
Washington, DC – BAFT, the leading global financial services association for international transaction banking, today announced the release of its second white paper in the ISO 20022 series, “BAFT ISO 20022 Migrations: Best Practices and Guidance.” The report provides critical insights, strategies, and recommendations for financial institutions navigating the migration to the ISO 20022 standard for electronic data interchange between financial institutions.
As the global financial services sector undergoes a major shift toward ISO 20022 adoption, this new white paper builds upon BAFT’s first publication in the series and aims to guide stakeholders through the complexities of the migration process. With the upcoming deadlines and global implementation efforts already underway, the white paper serves as an essential resource for financial institutions, fintechs, and payment service providers at different stages of the transition.
Key highlights from the white paper include:
- Roadmap for Migration: A step-by-step guide outlining key phases of ISO 20022 migration, from preparation to execution.
- Best Practices: Practical examples and case studies from industry leaders who have successfully migrated to ISO 20022.
- Risk Management: Identification of potential risks and mitigation strategies to ensure a seamless transition.
- Cross-border and Regional Considerations: Tailored advice for managing regional and jurisdictional differences during migration.
- Technology and Infrastructure: Insights on how to update and future-proof existing infrastructure to comply with the new standard.
“We are committed to supporting the global financial industry as it transitions to the ISO 20022 messaging standard,” said Deepa Sinha, vice president of payments and financial crimes, BAFT. “This white paper offers not just guidance, but actionable strategies that institutions of all sizes can leverage to ensure a smooth migration. It also highlights the importance of collaboration between industry players to drive standardization and interoperability in the global payments ecosystem.”
ISO 20022 has emerged as the global standard for financial messaging due to its enriched data format, improved processing efficiency, and ability to support new products and services. The “BAFT ISO 20022 Migrations: Best Practices and Guidance” white paper focuses on how organizations can unlock these benefits while minimizing disruptions during the migration phase.
Click here to read BAFT’s ISO 20022 Migrations: Best Practices & Guidance. The white paper is also available within BAFT’s Library of Documents under the Guidance and Industry Practices section.
About BAFT
BAFT, the leading global financial services association for international transaction banking, helps bridge solutions across financial institutions, service providers and the regulatory community that promote sound financial practices enabling innovation, efficiency, and commercial growth. BAFT engages on a wide range of topics affecting transaction banking, including trade finance, payments, and compliance.
BAFT Media Contact:
Blair Bernstein
Senior Director, Public Relations
[email protected]
+1 (202) 663-5468
