BAFT, a global financial services association, has recently published a white paper titled “ISO 20022 Migration: Lessons Learned”.
This document serves as an in-depth exploration into the migration to ISO 20022, a global standard for financial messaging introduced by the International Organization for Standardization (ISO).
The paper is centered directly at financial institutions, payment service providers, corporations, and technology vendors either undergoing or planning to transition to ISO 20022.
The white paper highlights that implementing ISO 20022 is a complex process requiring meticulous planning, execution, and ongoing improvement. It draws from the experiences, challenges, and best practices of those who have already embarked on this journey.
Deepa Sinha, Vice President of Payments and Financial Crime at BAFT, emphasizes the paper’s role in providing actionable guidance for a successful transition, ensuring that organizations fully leverage the benefits of ISO 20022.
The white paper elaborates on several crucial aspects of migration:
- High-level Governance: It underscores the importance of solid governance, encompassing organizational planning, communications, operations, technology, and external engagement.
- Data Strategy and Adoption: The paper discusses the significance of data transformation and harmonization, highlighting the role of innovative technology and infrastructure in a smooth transition.
- Business Phasing Strategy: It outlines various strategies employed by successful organizations, from project initiation to execution.
- Testing and Validation Strategies: Insights into effective validation and testing methodologies to mitigate potential disruptions are presented.
- ISO 20022 Post Implementation and Evolution: The paper shares real-world experiences, successes, and challenges faced by organizations throughout their ISO 20022 migration journeys.
“Implementing ISO 20022 is a complex endeavor that demands careful planning, execution, and continuous improvement,” BAFT Vice President, Payments and Financial Crime Deepa Sinha said.
“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.”
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