Graphic 1 below is a depiction of the survey respondents ’ views on the benefits and challenges of the ISO 20022 payment standard .
Graphic 1 : Survey results ( in percentages )
Will the ISO 20022 standard be more effective in terms of transparency
Advantages of ISO 20022 standard vis-a-vis existing MT standard
80 70 |
Yes |
80 70 |
60 |
|
60 |
50 |
|
50 |
40 |
|
40 |
0 |
0 |
Addressing compliance risk and enhanced structured data |
Consistent data model |
Effective regulatory reporting |
Benefits of ISO 20022 standard
Challenges in the adoption of ISO 20022 standard
Effective regulatory reporting
Consistent data model
Addressing compliance risk and enhanced structured data
0 10 20 30 40 50 60 70 80
■ Understanding new syntax
■ Implementation challenges
Visualization : Sachin Shah Source : Survey and results conducted by the author 5
ACAMS Today | December 2023 – February 2024 41