Image: Getty ImagesBanks face serious challenges in processing payments if they fail to meet the deadline for the adoption of ISO 20022 messages for Swift cross-border payments and cash management messages, according to banking and financial IT sources.
The adoption of the ISO 20022 standard for Swift cross-border payments and reporting messages must be completed by November 2025, at which point category 1, 2 and 9 FIN messages will be retired from the many-to-many closed user group known as the FIN service.
The era of digitalisation is well and truly here. Banks have been investing heavily in digital innovation for several years, to the point where digitalisation is no longer a differentiator. The devil is in the detail and the key is doing things a little differently, being a little more disruptive. At UniCredit Global Transaction Banking, we provide a comprehensive digital offering, built from the ground up for – and with – our clients, from SMEs to multinationals, to meet their Trade Finance, Cash Management and Working Capital needs. It’s an approach we've doubled down on since the pandemic accelerated the urgent need for effective digitalisation.
