Regulators are trying to raise industry standards too, with ambitions such as the G20 targets driving the industry towards faster, more transparent, and cheaper payments. Meanwhile, the migration to ISO 20022 presents further opportunities – and with customers increasingly expecting ISO 20022 compliance, banks that are slow to adopt will miss out on the opportunity to harness the standard’s richer, more structured data.
Exceptions and investigations (E&I) are time-consuming and expensive. But by transforming these processes, the financial industry could realise huge efficiency savings.
Key findings:
Understanding the pain points in E&I: 5-10 days average time taken to resolve payments investigations
Quantifying the industry opportunity: USD 602 million potential industry-wide profit impact of more efficient E&I
Tackling the challenges head-on: 80% potential time savings for cross border non-complex investigations
Why now? 30-35% corporates would direct their flows to banks that offer support for ISO 20022 compliance