Why a Lab?
The world is standardizing on ISO 20022 as the common language for payments. But, adoption is still a challenge.
Although many countries have committed to ISO 20022 as the domestic and global payment messaging standard, there is a wide market gap between providers of financial services and users of them.
Why has adoption been slow?
Adopting ISO 20022 requires considerable commitment and investment by both financial institutions and their customers. While both are generally convinced of the merits of ISO 20022, and the inevitability of its adoption, there are significant challenges.
- Financial Institutions want a ready market and their customers want certainty of available services.
- High perceived implementation costs for all participants.
- Little focus on ‘paytech’ by fintech incubators and accelerators is limiting innovation
- Absence of an end-to-end working test environment raises the costs of experimentation and validation.
The Lab will expose new opportunities and reduce your organization’s risk.
Being a leader within the lab context has benefits without significant risk.
- Readies your organization to be a leading provider or user of ISO 20022-driven products and services.
- Lowers financial risk by sharing costs to experiment, learn and develop.
- Allows for the acquisition of know-how outside of a mission critical development process.
- Identifies effective partnerships that maximize leveraging of the ISO 20022 standard.
- Boosts your brand through market leadership and association with other leading organizations.