The innovation enabler: What ISO 20022 can do for market infrastructures and their users
Every major financial market infrastructure (FMI) has now adopted or agreed to adopt the ISO 20022 standard by 2020-2025. This is already making it easier for FMIs and their users to exchange information across borders and, as the ISO 20022 standard becomes universal, it will yield major reductions in operational cost and risk. FMIs will be able to inter-operate more easily. Banks using FMI services will be able to access infrastructural services through a standard interface. But the benefits do not stop there. ISO 20022 is already being applied to information exchanged through distributed ledger technology (DLT), opening the possibility of inter-operability between DLT networks. In this session, FMIs will explain how ISO 20022 is helping them cut costs and risks, win more business and adopt new technologies.