Trillions upon trillions of journeys are made by money every day. Domestic payment schemes are largely quick and efficient. Recently however, priorities have shifted to focus on cross-border transactions, driven by increased investment in digital, new fintech companies, efforts from incumbent banks and the introduction of instant payment infrastructures in countries across the world. Global trade, the rise of digital, and the internet have increased pressure to improve the process that many view as slow, expensive, opaque, cumbersome and, for some people, inaccessible.
Part of these efforts is the adoption of the data rich, XML-based ISO 20022 messaging standard. While the industry is embarking on a broader, global rollout of the ISO 20022 standard, how close is the industry to achieving cross-border statistics that match most domestic payments schemes?
