BAFT — the American Bankers Association’s global transaction banking subsidiary — has released its second white paper in the ISO 20022 series, “BAFT ISO 20022 Migrations: Best Practices and Guidance.” The report provides insights, strategies and recommendations for financial institutions navigating the migration to the ISO 20022 standard for electronic data interchange between institutions.
Among other things, the white paper included a step-by-step guide outlining key phases of ISO 20022 migration, practical examples and case studies from industry leaders who have successfully migrated to the standard, and identification of potential risks and mitigation strategies to ensure a seamless transition.
“This white paper offers not just guidance, but actionable strategies that institutions of all sizes can leverage to ensure a smooth migration,” said Deepa Sinha, VP of payments and financial crimes at BAFT. “It also highlights the importance of collaboration between industry players to drive standardization and interoperability in the global payments ecosystem.”
