Payment market infrastructures globally are progressing well on the implementation of ISO 20022 standards. High-value payment systems in Japan, Switzerland, and China are live on the standards. In the U.S., the Fed and TCH (CHIPS) have both announced migration projects from legacy domestic formats to ISO 20022 that will start in 2022. In the Eurozone and the U.K., high-value payments are being transitioned to SWIFT MT standards. The Eurozone’s replacement for TARGET2 will go live in 2021 in native ISO 20022, and the BoE is looking at a similar timeframe for its new RTGS system. ISO 20022 is becoming the default standard for real-time payment systems across various countries. In the corporate-bank space, the standard is widespread, due to the Common Global Implementation (CGI) initiative. SWIFT cross-border payments are scheduled to switch to ISO 20022 by the end of 2021.

In June 2018, the BoE, NPSO, and PSR launched a six-week consultation on the adoption of ISO 20022 as a common standard across the UK’s three main interbank payment systems, CHAPS, Faster Payments, and BACS.

Digital-world consumers expect banks to securely step up their technology game


Traditional banks must evaluate their place within the payments ecosystem and be open to partnering with FinTechs and third-party developers to drive value collaboratively.

Collaborative Payments Ecosystem Boosts Customer Centricity


Structural changes are spurring payments industry participants to evaluate the future of the business as well as their role in the months and years ahead.

New payments ecosystem key enablers


The Payment Services Directive 2 or PSD2 has been in full force for more than six months, and its impact is being felt not just in the European Union, but across the globe – with several markets, such as Singapore, Australia, and Nigeria, as well as Hong Kong announcing open banking initiatives inspired by the PSD2


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