As a result, banks and payment service providers can start their real-time payments journey with The Clearing House RTP, and prepare for new instant payment schemes as they become available. More so, financial institutions will be able to modernise their legacy wire and ACH payment systems, and strategically position themselves for emerging payments trends such as embedded banking. In addition, they will become ISO 20022 compliant.
KPMG company officials noted that ISO 20022 and RTP represent watershed moments in payments and serve as catalysts for change with the opportunity for banks to provide a better payment experience and value-added solutions for corporates. While the ISO 20022 compliance deadline may seem far away, 2022 is a critical year for banks to ensure they have a clear strategy and plan for ISO 20022 readiness, according to the press release.
With FedNow and instant payments coming in the US, there is an opportunity brewing for banks to have a comprehensive payments modernisation plan for the future. KPMG is happy to work with Volante to drive new modernisation and innovation to its bank clients, resulting in augmented payments experiences and offerings to their customers.
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