ISO 20022 payments services

ISO 20022 will harmonize the way payments are transmitted across networks. EY teams can help global institutions develop their strategy to comply with and harness the business value promised by the new standard.

Related topics Banking and capital markets Financial Services Payments Data and decision intelligence Strategy and Transactions

The team

Jennifer Lucas

Jennifer Lucas

EY Americas Payments Consulting Leader

Joanna Forman

Joanna Forman

Senior Manager, Financial Services, Ernst & Young LLP

Andrew Lim

Andrew Lim

Director, Technology Consulting, Ernst & Young LLP

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What EY can do for you

The ISO 20022 migration is a major transformation initiative that will impact financial and nonfinancial institutions alike. While the transition to ISO 20022 may initially be a compliance exercise, there is significant potential to take advantage of the strategic opportunities the new standard provides.

EY global, cross-functional teams operate across major regions, including the Americas, the United Kingdom, European Union and Asia-Pacific. We bring together a group of professionals to assist on areas like SWIFT, cross-border transactions and payments modernization. EY teams have developed a broad suite of service offerings, tools and accelerators to help EY clients manage the migration and determine the best value-adding opportunities for their businesses. 

The EY service offerings span three main categories:

  • Business and strategy

    A well-informed strategy and approach are crucial for a successful ISO 20022 journey. We help institutions revamp their enterprise strategy to define ISO 20022 migration across geographies, as well as help identify impacts across key business units and operating models.

    Services we offer include:

    • Vendor assessment
    • Build, buy, partner evaluation
    • Impact assessment
    • Identification of new product opportunities
    • Data commercialization strategy
    • Current state and target state data strategy
    • Business and use case development
    • Program and test management support
    • User acceptance test strategy and enterprise approach definition
    • Target operating model design

  • Technology and innovation

    The enhanced data structure and larger size of ISO 20022 messages will require institutions to critically evaluate their systems and downstream operations. EY teams work with clients to perform these system assessments, develop testing approaches throughout each stage of the payments transformation, and construct technological and innovative solutions for long-time operability.

    Services we offer include:

    • Application architecture assessment
    • Implementation planning
    • Business unit training and knowledge transfer
    • Payments modernization
    • Cloud and managed services design and implementation
    • EY Nexus translation and MX-MT data mapping
    • Data migration
    • Target state data strategy review
    • Network infrastructure interoperability
    • Testing readiness assessment
    • Testing tool, scenario and case plan assessment
    • Functional and non-functional test case execution
    • Testing automation
    • Testing metrics and reporting

  • Compliance, risk and regulations

    The introduction of a new messaging standard requires revalidation of existing risk and compliance processes. We can help institutions perform these exercises and understand how ISO 20022 impacts their business, operational and reputational risks.

    Services we offer include:

    • Program health check
    • Market infrastructure compliance assessment
    • Screening assessment

Supercharge your payments business with ISO 20022

With EY support, Swift asked early adopters to share strategic opportunities ISO 20022 offers. This report has six use cases.

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