ISO 20022 is coming – are you ready?

Faster Payments Council – Spring Member Meeting (US)

Having attended the Faster Payments Council, Spring Member Meeting I had a unique opportunity to meet, learn and the share latest thinking with stakeholders from across the payments industry. For those that weren’t able to attend, it was two days filled with presentations covering the most pressing issues in faster payments; panel discussions with industry experts, roundtables on timely topics, with a whole host of opportunities to interact with high profile sector players.

I was delighted to participate in the  Panel Session – ‘ISO 20022: Exploring the Impact of the New Data Schema on the Payments Ecosystem’. We touched on everything ‘ISO 20022’, including the new standardized messaging schema set to improve processing, enrich data, and promote interoperability. I was joined by experts outlining ISO 20022 as a part of an organization’s broader payments modernization strategy covering the timing and projected rollout of ISO 20022 for industry participants, including government entities, financial institutions and businesses. It was a fascinating and insightful session with much debate.

It’s clear that ISO 20022 is rapidly becoming the standard language used by institutions across the globe for financial communication. Many organisations are well on their way to adoption, as are the major payments frameworks but not all financial institutions are ready, including many in the US.

The Federal Reserve will use ISO 20022 to define the message flows and formats for the upcoming FedNow Service. It’s important to act fast. We’re now in a period of migration and with that, time limits for coexistence. Legacy systems are effectively now living on borrowed time. I’m a firm believer in adopting now on your terms rather than going up against a clock at a later date.

Whether you’re responsible for your organization’s FedNow Service integration, preparing to build instant payment products leveraging the FedNow Service, or are a payments processor that will help your clients connect to the service, I’d be pleased to outline how Iliad’s market leading, payments testing solutions can support you in adopting this standard.

The FPC Spring Meeting was a fantastic opportunity to discuss the latest industry developments and I look forward to attending future events like this. If I missed seeing you at the Spring Meeting and you would like to hear more about Iliad Solutions, please reach out.

Anthony Walton – CEO, Iliad Solutions