Payment systems face a critical November deadline as the ISO 20022 structured fields requirement takes effect, potentially disrupting financial institutions still struggling with implementation. Edward Ireland, Product Director at Bottomline, warned at EBAday in Copenhagen that organizations must now process unprecedented levels of transaction detail, marking another challenging phase in the ongoing ISO 20022 migration.
The situation reveals a concerning disconnect: banking customers express significantly more doubt about meeting the deadline than the banks themselves. This disparity could signal communication gaps or unrealistic expectations that may lead to payment processing failures or delays. The structured fields mandate represents a pivotal milestone in the broader ISO 20022 transition, requiring enhanced data capture for exceptions and investigations processes.
Ireland characterised the multi-year implementation as an evolving struggle, with each annual phase introducing fresh complications for treasury teams and payment processors.
FXnCO Insight
Firms should immediately audit their payment systems’ structured fields readiness and establish contingency workflows before November to avoid transaction rejections and client disruption.
Source: Finextra