Creating standards in financial markets is an inherently useful exercise. However, the real value comes when those standards are widely adopted and used. The ISO 20022 financial messaging standard has been around for more than ten years. But its adoption by increasing numbers of domestic payments systems means that there are now huge opportunities for banks to improve their service levels and enhance their compliance obligations in international payments.
“Every major reserve currency is either live with ISO 20022 in their domestic payments system, or has declared they will be live in coming years,” says Sheikh.
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