Standard Chartered rallies the industry to adopt ISO 20022 for safe cross-border payments

The whitepaper is entitled ‘Frictionless reconciliation and allocation of cash: Can the adoption of ISO 20022 XML turn this dream into reality?`, and it was developed in partnership with Zandars in order to offer an in-depth perspective of the industry. The companies also aimed to rally to landscape, while supporting corporates and financial institutions in the process of navigating the adoption of ISO 20022. 

The whitepaper focuses particularly on the potential of ISO 20022 XML, a messaging format that was developed specifically to reduce friction in account receivable reconciliation and cash allocation processes. In addition, it also explores how ISO 20022 XML can address inefficiencies and complexities that corporations and financial institutions face in the process of making cross-border transactions.

More information on Standard Chartered’s newly launched whitepaper

According to the official press release, ISO 20022 has the potential to address many of the longstanding challenges companies face, as well as deliver benefits across the entire ecosystem. The standard was developed in order to support the inclusion of richer and more structured data, which translates to optimised visibility of the payment details and enhances the potential for further automation and speed of payment settlements. This initiative reduces the need for banks to manually intervene in the process, making near real-time, cross-border wholesale payments secure and efficient. 

As structured data represents an important feature for predictive and prescriptive analytics, it also focuses on providing treasurers insights into cash flow trends, liquidity management, and risk mitigation, thus offering corporates a competitive advantage. The whitepaper further looks at the manner in which high-quality organised datasets allow technologies such as AI and ML to develop, identify patterns, predict future outcomes, and recommend actionable strategies. These are set to help corporates be more resilient, agile, and prepared to adapt to future trends and challenges.

In addition to highlighting the benefits and opportunities that ISO 20022 XML brings, the whitepaper also features insights from senior decision-makers and highlights the critical areas that need to be considered as they create treasury and banking technology strategies.