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ISO20022に向けての競争

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2023/02/17
ガレス・ロッジ

Are Banks Ready?

One topic I’ve written and spoken extensively about over the last 15 years is ISO 20022. Put simply, it is the future of financial messaging, including payments. SEPA is based on it, many card systems are, and of course, it has become pretty much the default format for real-time payments.

Arguably the biggest migration to date is taking place – that of Swifts MT message to MX, which is based on ISO 20022. Over 11,000 banks in pretty much every country has to migrate. There are have been a number of announcements of delaying some of the first deadlines, implying that banks are running late. But nobody actually has any idea quite where the industry is.

We answer this in my latest research, “Ready or Not, Here It Comes: There’s No Hiding From ISO 20022”.

With the support with our friends at SEEBURGER, we surveyed more than 400 banks and corporates globally on where they are on their migration. We asked a range of questions, including:

  • How much had they spent in preparing for the migration?
  • How had they approached the migration and why?
  • What were the challenges they had faced, and what might have helped?

The results are both interesting and worrying at the same time.

The answers highlight not only that the industry has spent a huge amount of money already (over $2 trillion!), but that a significant proportion of banks won't be ready by the final deadline. For example, North American banks estimate only 56% of Swift banks will be ready by the final deadline. It’s important to remember that both the sender and receiver need to be ready. With such a pessimistic view, might that mean in reality no-one will be able to make payments…? While we don’t think it’s quite so dramatic, it does the raise the point that no one actually knows. This data is, we believe, the first indicator to highlight the scale of the challenge that remains.

Even then, given the approaches that some banks have taken, (many cited “the bare minimum as we don’t see the benefits”) even those who believe they will be ready, won't be as ready as they need to be.

We will be diving into the data in more detail over the coming months – we can slice and dice the data in many ways which will undoubtedly uncover more insights. Watch this space!