A Global Standard for Payment Messaging- Everything You Need to Know About ISO 20022
Wednesday 25th January 2023
| Saskia Devolder, (SWIFT)
| John Jackson, (Bank of England)
ISO 20022 is expected to create a global and open message standard across all business lines of the financial industry. Several long-lived financial communication standards, such as ISO 15022 (cross-border securities settlement), ISO 8583 (credit and debit transactions), and MT messages (SWIFT propriety for correspondent banking and FX transactions), will be replaced with a new standard. ISO 20022 is here, with migration beginning in November 2022 and expected to be completed by November 2025.
In Session #7, guests Saskia Devolder (SWIFT) and John Jackson (Bank of England) joined FNA to discuss the key features and expectations around adopting the ISO 20022 standard. Together, we explored what ISO 20022 means for organisations and how it could change the financial ecosystem as we know it.
The Session Covered:
- The story behind the development of ISO 20022 and the benefits of implementing this new standard
- Whether the advantages ISO 20022 offers will benefit traditional financial institutions, fintech, and other new entrants equally.
- The expected changes to the payment system in the UK and the rest of the World
- Whether consumers or firms will be affected by the changes brought about by the adoption of ISO 20022
- Where we are in the process of adopting ISO 20022
- Who will benefit from the richer exchange of data that ISO 20022 allows
- How ISO 20022 will benefit the development and use of Application Programming Interfaces (APIs) in the financial industry
Key Resources and Links:
Get Ready for November 2022: SWIFT’s ISO 20022 Adoption Programme read more >
SWIFT Case Study: ISO 20022 in T2S read more >
ISO 20022: About ISO 20022 read more >
Bank of England: A New Messaging Standard for UK Payments: ISO 20022 read more >
Bank of England: CHAPS & RTGS ISO 20022 Migration: Revised Approach and Final Schemas read more >
Bank of England: Collaboration between Pay.UK and the Bank of England on ISO 20022 Payment Messages read more >
Session #7 Guests
Strategic Programme Director Cross-border Payments, SWIFT
Saskia Devolder was appointed Head of Western and Central Europe in September 2017. She is also responsible for SWIFT gpi and market infrastructures across EMEA. Prior to her current role, she was Head of Western Europe for SWIFT for two years, having previously managed the sales organisation for France and Benelux, covering securities and banking sales activities and developing community engagement across the region. Saskia joined SWIFT in 2006. Prior to joining SWIFT she was VP Global Account Management at MasterCard International and held several sales and marketing positions at Synstar International and Sterling Software.
Policy and Product Lead, RTGS Renewal Programme, Bank of England
John Jackson is the Policy and Product Lead for the Real-Time Gross Settlement (RTGS) Renewal programme, working in the Bank of England’s Banking, Payments and Innovation Directorate.
During his 20+ years at the Bank, John has worked in the Markets, Financial Stability and Prudential Policy areas. He has also spent a year on secondment at the New York Fed, working in their Financial Institutions Supervision Group.
John joined the RTGS Renewal programme in December 2015 as the Business Lead. He played a key role in developing the Blueprint for renewing the UK’s RTGS service and is responsible for Policy and Product development on the future shape of RTGS. In 2020, John represented the Bank on the CPMI Cross-Border Payments Task Force.
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