The financial services industry has a unique opportunity. Despite all of the intricacies of our business processes and transaction types, our industry has the opportunity to identify and promote interoperable business processes that contain risk, reduce cost and deliver effective products and solutions. How can we achieve this? Through leveraging the process that is the ISO 20022 standard – a standard that our industry has developed, adopted and continues to improve.
We can define and hold the basic foundations of our businesses in a common repository and data dictionary and derive the financial messaging that we use from these tools. We can leverage current technical advances and adapt to future technical change. This foresight and flexibility is built into the ISO 20022 standard.
As standards professionals, and more importantly, as business managers, we need to raise the awareness and provide industry participants with the knowledge that they need to improve,grow and sustain their businesses in the long-term. Thank you to SWIFT both as a constant and dedicated member of the ISO process and for this valuable book, which can contribute to the achievement of a smooth, managed transition and adoption of the ISO 20022 standard.
While many people in the financial services industry have heard about ISO 20022, few truly understand what it is about and what is so great about it. We at SWIFTare convinced that ISO 20022 can bring profound benefits to the financial services industry, as it realises end-to-end processing across domains and geographies that currently use vastly different standards and information formats. This book removes the mystery from ISO 20022, helps you understand why it matters, and lets you see how you can benefit from it.