Three reasons why
you adopt ISO 20022 now

Adopting ISO 20022 has begun to help financial institutions significantly reduce false positives, as evidenced by Swift data. The fully structured data format provides clear identifications and descriptions for each message, addressing the long-standing friction during sanctions screening.

The result has been costly and time-consuming manual processes, customer dissatisfaction, heightened financial risk, additional operational costs, and reputational damage.

However, with the migration to ISO 20022, the efficiency of the sanctions screening process has increased drastically. Financial institutions now benefit from higher quality data with:

1. Name and structured address fields.

2. Dedicated fields for ultimate parties.

3. Greater field length, minimizing the risk of data truncation.

4. Seamless and refined tags for each element to reduce confusion between the street names, countries, and names.

1. Customer Behavior Insights: The inclusion of purpose codes in dedicated data elements simplifies the identification of customer payment activities for financial institutions. With more structured information about customer transactions, banks can effectively recommend tailored products or services to enhance customer satisfaction.

2. Enhanced Cash Position Details: Access to comprehensive data enables financial institutions to provide corporate customers with accurate account balance information across banks, products, and geographic locations.

3. Customer Transaction Linking: Utilizing structured reference data such as invoice numbers, order numbers, or customer IDs facilitates seamless linkage of transactions to specific customers, enhancing transaction traceability and management.

4. Prioritization of Critical Payments: Quickly identifying high-importance payments allows for priority processing during system failures or network disruptions, ensuring continuity and reliability in financial operations.

1. Limited Inquiries: Thanks to detailed data for identifying involved parties and structured remittance information, we reduce the frequency of inquiries to find missing details or minimize duplicates.

2. Removing Unnecessary Investigations: Automated message validations enable us to identify and flag duplicate or erroneous messages efficiently.

3. Minimizing Resolution Times: Financial institutions can expedite handling exceptions and investigations for common issues.

4. Resolve Discrepancies: Resolve pre-reconciliation discrepancies, including status mismatches and repairs.

5. Reduce Costs: Streamline exception and investigation processes to lower handling costs.