BAFT, the leading global financial services association for international transaction banking, has published a new white paper titled “ISO 20022 Migration: Lessons Learned”. This white paper offers a comprehensive overview of the experiences and challenges faced by organisations that have made the transition to ISO 20022, along with sharing successful practices.

ISO 20022, established by the International Organization for Standardization (ISO), is a worldwide standard for financial messaging. The migration to this standard is expected to enhance efficiency, interoperability, and data richness. However, it also presents unique challenges.

The white paper aims to serve as a key resource for financial institutions, payment service providers, corporations, and technology vendors currently undergoing or planning to migrate to ISO 20022. It includes practical advice and proven practices to support organisations in achieving a smooth transition and fully benefiting from the adoption of ISO 20022.

Deepa Sinha, vice president, payments and financial crime, BAFT, said, “Implementing ISO 20022 is a complex endeavour that demands careful planning, execution and continuous improvement.”

“That’s why we chose to feature insights and key takeaways from industry leaders, experts and organisations that have already undergone the migration process in our white paper. We hope this will become an essential tool for those preparing for migration in the year ahead.”

The white paper discusses critical aspects of migration, such as:

• High-level Governance: Emphasising the importance of robust governance, which encompasses organisational planning, communications, operations, technology, and external engagement.
• Data Strategy and Adoption: Highlighting the significance of data transformation and integration, along with the role of innovative technology and infrastructure improvements in facilitating a smooth transition.
• Business Phasing Strategy: Detailing the approaches used by successful organisations in their journey through the ISO 20022 migration, from the start of the project to its completion.
• Testing and Validation Strategies: Providing insights into effective validation strategies and thorough testing methods that help mitigate potential disruptions.
• ISO 20022 Post Implementation and Evolution: Offering insights from real-world experiences, including the successes and obstacles encountered during the ISO 20022 migration process.

To read ISO 20022 Migration: Lessons Learned, please visit BAFT’s Library of Documents under BAFT Guidance and Industry Practice section at www.BAFT.org