iso20022

Jacob Rider, Head of Payments, Projective

November 2022 marks the point of migration for some of the top global payment infrastructures to ISO 20022, an international standard for exchanging electronic messages between financial institutions, covering cards, payments, securities, FX and trade. Most banks, corporates and payments companies use SWIFT MT financial messaging for transactions, which will migrate over to the new system and eventually come to an end in 2025. Robin Amlôt of IBS Intelligence discusses the coming of ISO 20022 with Jacob Rider, Co-Head of Projective’s Payments Practice.

Around the world, a number of central banks are engaging with new payments initiatives, whether that be on reducing the cost and improving the speed of cross-border payments, to whether central bank digital currencies may provide efficiency gains within the retail payment space.

Mandating financial institutions connect to new payments infrastructure is one model central banks could adopt if looking to drive usage of certain systems. Speaking on Central Banking On Air’s latest podcast episode, Liz Oakes from Mastercard and Somya Patnaik of ACI Worldwide discuss the challenge of ensuring new payments systems are available to members of the public.