Leveraging Payment Modernization Opportunities in Banking
ISO 20022 and instant payments are accelerating payments modernization and serving as a catalyst for bank growth and innovation
With deadlines to implement the ISO 20022 mandate approaching, the evolving payments environment presents significant near-term strategic, technological and operational challenges for banks. But transforming the payments infrastructure is far more than just a necessary step to meet regulatory compliance mandates; it is a key enabler of scalable growth and innovation. As banks near compliance with the mandate, they are looking forward for opportunities to leverage their modern payments ecosystem as a springboard to deliver a better payments experience, value-added services for their corporate customers, and new commercialization opportunities for their own business.
Dive into our thinking:
Capitalizing on the opportunities of payments modernization in the banking industry
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79%
of banks are looking to modernize multiple payment types over the next few years
63%
of banks have already modernized, or are in the process of modernizing their wires platforms
76%
view the ISO 20022 mandate not as a regulatory burden, but as a strategic business opportunity
82%
of banks are planning to implement Instant Payments in the next 2 years
ISO 20022 and instant payments are top of mind for banks and serving as catalysts for payments modernization. ISO 20022 continues to be the burning platform, with banks focused on achieving the industry mandate by 2025. Instant payments is picking up steam as banks look to provide real-time payments capabilities.
Courtney Trimble
Principal, Advisory
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