The implementation of ISO 20022, the new global messaging standard for cross-border payments, has proven to be one of the most significant changes the payment industry has seen in decades.
ISO 20022 brings richer and more structured payment data and is designed to allow financial institutions to provide better digital solutions, increased automation and efficiencies, refined compliance capabilities and real-time end-to-end execution.
The result offers standardized messaging that can be sent through chains of correspondent banks with pinpoint accuracy, all but eliminating delay and human error, and opening the door to more automation. While firms have begun to adopt the changes and invest in technology upgrades, many industry challenges remain.
MMCL continues to focus on helping to deliver on the many promises of this new global standard while helping clients navigate their unique journeys in cross-border payments transformation.
Why choose MMC?
Our team of highly skilled professionals, offers a comprehensive service to ensure a smooth and successful transition to the latest global financial messaging standard.
