Time is pressing upon us as ISO20022 is to become the de facto standard in international payment transactions. Cross-Border and high value payments must be migrated to ISO20022 (MX) by the end of 2021. This is the beginning of a coexistence period for cross-border payments in which a complete transition to ISO20022 should be reached in the end.
In a recent White Paper DPS are concerned with the question on how far ISO20022 can be implemented during the coexistence period and beyond that in back office systems for institutes in order to utilise the advantages of the new standard to keep project risks and expenditures under control and avoid sunk costs. The primary focus is on the larger institutes with their complex and historically developed infrastructures whose transactions cannot be imaged by simple standard applications.
Download the paper (pdf-document): SWIFT ISO 20022: Lösungen zur „Coexistence Phase“
An online version of the White Paper and an interview with Carsten Lange, Senior Manager Special Projects at DPS, can be found on our landing page iso20022.de.