ISO 20022 was published in 2022 to create a common language for financial institutions and market infrastructures around the world which, in turn, will streamline payment processing and improved data analytics. The new global messaging standard provides a unified language for electronic data interchange between financial institutions. It is intended to result in increased transparency, speed and inoperability. It will also provide valuable enriched data to enhance financial crime compliance efforts.  

This article discusses how companies should prepare for migration and deal with the attendant compliance requirements and opportunities.