The global payments system is undergoing a pivotal change as ISO 20022, the new ISO standard for electronic-data interchange, becomes a reality for financial institutions across the globe. The immediate challenges to carry it out are as great as the ultimate rewards, and some banks are better prepared than others. With deadlines drawing closer, what do financial firms need to consider and have in place in order to be ISO 20022 ready?
Trade finance fuels trade; if firms are unable to access it, this can have significant consequences for business development and global commerce. The current US$1.5 trillion gap between the demand for and supply of trade finance is undeniably a substantial barrier to economic growth. A recent BNY Mellon survey canvassed industry participants to discover what steps they think should be taken to close the gap, and the results point to two potential sources of relief: technology and regulatory revision.