Defining global industry messaging standards should help financial institutions achieve system interoperability across all parties in the value chain. Furthermore, collaboration among participants should also help to drive richer data that improves overall value to the data consumer applications. However, creating a strict industry standard that’s formatted and defined in a way that every party must agree on first has its downsides. It’s also important to consider the full implications of what the payments world would look like if ISO 20022 is universally adopted.
Read the full article by FinLync CTO Peter Klein here