Smart Modernisation with ISO 20022 for UK Payments

Summary

As part of the NPA (“New Payments Architecture”), Pay.UK has an ambitious plan to update all of the UK’s payment rails, from CHAPS to BACS to Faster Payments, to the ISO 20022 standard. This is much more than a message format update: the extended data in ISO 20022 will enable vastly improved data-centric straight-through payments processing experiences for both consumers and corporate payers and receivers.

However, to achieve this goal, UK financial institutions must undertake a ‘smart modernisation’ of their payments infrastructure. This webinar outlines the essential components of a smart modernisation strategy:

• The benefits of ISO 20022’s extended data set, for corporates and banks
• The challenges of managing extended data in the context of a modernisation programme
• How to measure the success of an ISO 20022 programme