What is ISO20022
and the requirements?

What is ISO 20022? ISO 20022 is a global standard for financial messaging that defines a common language and syntax for exchanging financial data. It provides a single standard for financial messaging across different business domains and geographic regions.
Why are banks implementing ISO 20022? Banks are implementing ISO 20022 to modernised their payment systems and improve the efficiency and speed of their payment processing. ISO 20022 enables richer, more detailed information to be included in payment messages, which can reduce errors and improve straight-through processing.
What are the challenges banks face when implementing ISO 20022? Banks may face several challenges when implementing ISO 20022, including:

Complexity: ISO 20022 can be complex to implement, requiring significant changes to existing payment systems, processes, and infrastructure.
Cost: Implementing ISO 20022 can be costly, requiring investment in new technology, staff training, and testing.
Interoperability: Ensuring interoperability between different payment systems and service providers can be challenging, particularly for banks operating across different regions and currencies.
Data quality: ISO 20022 requires high-quality data, which may require data cleansing and validation processes to be put in place.
Timeline: The implementation timeline for ISO 20022 can be tight, particularly for banks that need to comply with regulatory deadlines.
What steps can banks take to address these challenges? To address the challenges of implementing ISO 20022, banks can take several steps, including:
Conducting a thorough assessment of their current payment systems, processes, and infrastructure.
Engaging with service providers and other stakeholders to ensure interoperability.
Investing in new technology and staff training.
Implementing data validation and cleansing processes.
Establishing a clear project plan and timeline for implementation.

This is a living document and will be expanded