ISO 20022 and the Great Message Migration
A decade-long schema change, and what it bought everyone.
By Devin Rao
Structured data in a payment message sounds like a back-office detail. It is the difference between a sanctions screen that works and one that guesses.
What richer messages unlock
Remittance information that survives the trip. Party data that a machine can parse. Fewer investigations, and investigations that resolve in hours rather than days.
The migration cost the industry billions and produced no new product. It was still worth it.