ISO 20022 is too often thought of as only a way to create efficiencies in inter-bank payments.
But the big win for banks and corporates alike is when corporate end-users leverage the standard’s rich, structured remittance data to generate new efficiencies and opportunities.
We had a conversation with three corporate early-adopters, Michel Lechasseur of Hydro Quebec, Bill Piggot of ADP and Ed Barrie of Tableau about the benefits their organizations experienced, the lessons they learned, and their plans to generate further ROI from their investments in payments modernization.
A few key take-aways from the conversation include:
- Competitive Advantage for Early Adoption of ISO 20022
While the decision to adopt was influenced by pending changes to payment infrastructures, ultimately it was driven by a clear ROI and the opportunity to future-proof their business in advance of ubiquitous adoption by payment providers, banks and counter-parties.
- Clear Near-Term ROI Metrics
Initial measurable ROI was driven by operational efficiencies, particularly in reconciliation and reporting, and in most cases without full support of structured remittance data.
- The Bigger Picture
Immediate and relevant data-driven opportunities for better treasury management, improved customer and supplier experience, improved fraud prevention, data analytics and new product offerings became clear early in the implementation process. These learnings solidified the belief in data-rich payments as a platform for innovation and growth, and justified continued investment to leverage the structured remittance data for delivering customer intelligence insights.
- Banks Offering Modern Capabilities are Critical for Success
Payments modernization is not a compliance exercise, it is a business process exercise. Achieving an ROI requires deep collaboration with internal technology teams, relevant internal business partners and banking partners that have proven, modern capabilities to collaborate on technology and business processes.
Our panelists shared a ton of other insights and best practices, so please check out the video!
Thanks to Business Payments Coalition for hosting.
#iso20022 #b2bpayments #datarichpayments #paymentsinnovation