Bank opinion on benefits of ISO 20022 migration

A survey held in September 2022 revealed that varying departments inside banks approached the topic of ISO 20022 differently from one another. Senior executives at banks believed the biggest benefit of switching to ISO 20022 was an increased effort in fighting financial crime. Enthusiasm varied per role, however. Most notably, the department in charge of fighting such crime was the least enthusiastic on this prospect. The source listed another stand-out from this survey: 20 percent of senior bank executives who worked in Strategy believed that the move to ISO 20022 was "necessary" but held "no short-term benefits". ISO 20022 is a new messaging standard for cross-border money transfers between financial systems and/or financial institutions, no matter where they are in the world. Banks have to be fully integrating into this new payment "language" by November 2025 - a process that started in March 2023. This survey predated that process.

Perceived benefits provided to banks worldwide by migrating to ISO 20022 as of the 3rd quarter of 2022, by professional role inside the bank

Characteristic	We will gain more data and this will help us to provide better corporate services	We will gain more data which will enhance financial crimes efforts	We will gain competitive advantage by being able to offer global services	We have more important programs but will be forced to focus on this	We did not see the need to migrate	A necessary step for the future, but no short term benefits
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Release date

May 2023

More information

Region

Worldwide

Survey time period

August to September 2022

Number of respondents

211 respondents

Age group

18 years and older

Special properties

senior executives in payments at banks; Assets worth from "at least" 50 billion U.S. dollars to "over" 500 billion U.S. dollars

Supplementary notes

The source does not specify the exact type of survey conducted.

Missing percentage points to 100 percent or percentage points exceeding 100 percent are probably due to rounding.

The source adds the following demographics to its 211 bank respondents:

Split by region:

Finland, France, Germany, Italy, Netherlands, Norway, Portugal, Spain, Sweden, United Kingdom: 80;
Australia, Hong Kong SAR, India, Japan, Singapore: 45;
Canada, United States: 43;
Argentina, Brazil, Chile, Mexico, Peru: 43.

Split by role: