Over the last 18 months 20022 Labs’ team has engaged with dozens of corporate payments users, including professionals responsible for payments infrastructure, as well as CFOs, Treasurers, line of business owners, and product & customer-experience managers, to discuss the benefits that ISO 20022 can deliver their organizations.
Almost uniformly, once these professionals recognize the financial, organizational and customer experience benefits that data-rich payments can deliver, they’d ask a key question:
“This is all great, but our payment vendor/bank(s) don’t yet support ISO 20022 for payments, let alone the structured remittance data needed to realize these benefits. What are the opportunities to become an early adopter of these capabilities without creating risks for ourselves?”
This question led us to begin exploring how corporations and government institutions, as well as the banks and payments solutions vendors that serve them, could begin to capture the benefits that ISO 20022 offers in advance of ubiquitous deployment.
This discussion paper represents the first fruits of that exploration. We hope you find it thought provoking, and a jumping off point for further exploration and discussion, within your organization, with your supplier and customer communities, and with the 20022 Labs community at large.
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