White paper analyzes several banks’ experiences with ISO 20022 Migrations, identifies lessons learned, and highlights do’s and don’ts for future migrations.
WASHINGTON, DC – BAFT, the leading global financial services association for international transaction banking, today released a new white paper, ISO 20022 Migration: Lessons Learned, which offers a deep dive into the experiences, challenges, and best practices from organizations that have successfully navigated the transition to ISO 20022.
The International Organization for Standardization (ISO) introduced ISO 20022 as a global standard for financial messaging. This migration promises greater efficiency, interoperability, and enhanced data-rich capabilities, but it also comes with its own unique challenges.
The white paper is intended to be a valuable resource for financial institutions, payment service providers, corporations, and technology vendors that are in the process of migrating to ISO 20022 or planning to do so in the near future. It provides actionable guidance and best practices to help organizations ensure a successful transition and maximize the benefits of ISO 20022 adoption.
“Implementing ISO 20022 is a complex endeavor that demands careful planning, execution and continuous improvement,” said Deepa Sinha, Vice President, Payments and Financial Crime, BAFT. “That’s why we chose to feature insights and key takeaways from industry leaders, experts and organizations that have already undergone the migration process in our white paper. We hope this will become an essential tool for those preparing for migration in the year ahead.”
The white paper covers the essential aspects of migration:
- High-level Governance: Solid governance is the key to any successful project, and includes organization planning, communications, operations, technology and external engagement.
- Data Strategy and Adoption: Understand the importance of data transformation and integration and how organizations have managed data harmonization during the migration. Discover how innovative technology solutions and infrastructure enhancements played a vital role in ensuring smooth transition.
- Business Phasing Strategy: Explore the strategies employed by successful organizations in approaching the ISO 20022 migration, from project initiation to final execution.
- Testing and Validation Strategies: Gain insights into the validation strategies and comprehensive testing methodologies that have proven effective in reducing potential disruptions.
- ISO 20022 Post Implementation and Evolution: Benefit from real-world experiences, successes, and challenges encountered by organizations throughout their ISO 20022 migration journeys.
Click here to read ISO 20022 Migration: Lessons Learned. 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
