ISO 20022 Overview: Use Cases, Adoption, and Limitations

Report Summary

ISO 20022 Overview: Use Cases, Adoption, and Limitations

ISO 20022 has shown promising outcomes on persistent problems within payments, securities, trade, cards, and foreign exchange.

Erika Baumann
Director, Commercial Banking & Payments Practice

February 1, 2022 – ISO 20022 was introduced in 2004 as a global language for communicating data within various financial services domains. By establishing shared standards, ISO 20022 created new possibilities for developers within the financial services technology sector, with use cases suggesting increased efficiencies for financial institutions and corporate clients.

Relying on existing Aite-Novarica Group research and leveraging the author’s extensive knowledge of the financial services technology landscape, this report surveys background information on ISO 20022, use cases, and varying levels of adoption, including drivers and inhibitors. It also assesses global adoption trends and considers the limits of global initiatives migrating to ISO 20022 messaging standards.

Clients of Aite-Novarica Group’s Commercial Banking & Payments service can download this 10-page Impact Brief. To learn more about the topic covered in this Impact Brief, please contact us at [email protected].

This report mentions SWIFT, The Clearing House, and Visa.

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