The ISO 20022 standard is taking over financial messaging globally: in Europe for Target2 and EBA Euro 1, with the Bank of England in the UK and Fedwire in the US as well as globally for SWIFT cross-border payments.
Impacted organizations are initially focusing on the technical implications rather than on business, operational or compliance impacts, although after having participated in several projects with banks that are adopting the new standard, we see a wider impact.
Focusing on the bank’s liquidity processes and systems, ISO20022 migrations provide an excellent opportunity for Intraday Liquidity Management Digital Transformation. Consequently, there is a strong business case for operational cost reduction and organizational, process and systems alignment with the strategic objectives of the bank.
Aquarius has been natively developed with ISO20022 formats. Contact us to see how the system can leverage information or convert formats to provide an unparalleled intraday liquidity digital experience.