ISO 20022 will create interoperability between various settlement networks using far richer payments data that should result in higher levels of straight-through processing as well as more efficient compliance processes.

The adoption therefore offers a major opportunity for banks and corporates to improve services to their customers and counterparties. ISO 20022 is a complex standard and one message type can have numerous variants. For most institutions, adapting their internal systems to process the ISO 20022 messages will be challenging, leading to costly and time-consuming projects.