Discover how ISO 20022 can reshape the world of trade finance and what banks need to do to prepare for a global adoption.
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The Bankers Association for Finance and Trade (BAFT), a global industry association for international transaction banking, has released a whitepaper, “ISO 20022 Migration: Lessons Learned”, highlighting some of the critical lessons its members have learned while implementing this ‘new language of payments’.
The last couple of years have been rough for the economy as a whole and payments in particular. But recovery started building in 2023 and is expected to continue into 2024 — helped by a healthy dose of new technology.
2024 is set to bring about significant changes in finance and banking. Driven by a convergence of cutting-edge technologies, the industry-wide transition to ISO 20022, the rise of digital currencies, and innovative AI-powered solutions, the year holds promise for considerable advancements and enhanced alignment between fintech and traditional financial institutions.
BAFT, the leading global financial services association for international transaction banking, has published a new white paper titled “ISO 20022 Migration: Lessons Learned”.
While it comes with many business benefits, engaging in trade with nations around the world can be a complex process. As a result, it may be tempting to pay your invoices in GBP which, at face value, may seem like a simpler and more beneficial option – but this often isn’t the case.
Over the past years, international trade has been challenged by various factors. According to the 2023 Digital and Sustainable Trade Facilitation Global Report, while global merchandise trade volumes in 2021 displayed a strong recovery from the contraction suffered in 2020 due to COVID-19, trade growth slowed down in 2022.
BAFT has announced the 2024 International Trade and Payments Conference, set to take place from 27-29 February 2024, in Washington, D.C.
According to Mastercard’s 2023 Borderless Payments Report millions of consumers and SMEs worldwide are increasingly dependent on both intra and cross border payment flows.
