Whitepaper: Leveraging ISO 20022 to extract value from data
ISO 20022 is celebrating its fifteenth birthday this year and in recognition of this milestone, Icon Solutions have released a new whitepaper exploring some of the reasons why it has become the ‘de facto’ standard for payments, how banks can extract value from it and how to navigate the migration to ISO 20022.
ISO 20022 is a flexible data standard that is viewed as a “common global language” allowing organisations to share information using consistent terminology and formatting. This provides opportunities to develop a data strategy that enables banks to extract and monetise data across multiple payments infrastructures, globally.
Largely driven by regulators and the fintech community, financial institutions are under increasing pressure to ‘open up’ data to third parties. With data being described as the ‘new oil’, how can financial institutions utilise this data effectively in order to stay competitive?