A survey held in early 2023 indicated banks faced several technical issues related to the future adoption of rich data formats and message standardization. The main challenge banks observed was on whether they could, or will, create proprietary requirements with ISO 20022. Proprietary requirements essentially allow banks to deviate from standardization, so as to create differentiation or to create more stickiness among their business consumers. Another often-mentioned challenge was the ability of businesses to consume the new data format. 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.
Key challenges observed in the migration to ISO 20022 by bank as of the 3rd quarter of 2022
The source does not specify the exact type of survey conducted.
The source does not provide information from which countries its respondents were from. It mentions the respondents were from "North American, European, and Asian-Pacific countries".
This question was phrased by the source as follows: "Which of the following are challenges in adoption of ISO 20022? (Select all that apply)"
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Aite-Novarica Group. (February 27, 2023). Key challenges observed in the migration to ISO 20022 by bank as of the 3rd quarter of 2022 [Graph]. In Statista. Retrieved November 09, 2024, from https://www.statista.com/statistics/1387114/perceived-challenges-of-iso-20022-switch/
Aite-Novarica Group. "Key challenges observed in the migration to ISO 20022 by bank as of the 3rd quarter of 2022." Chart. February 27, 2023. Statista. Accessed November 09, 2024. https://www.statista.com/statistics/1387114/perceived-challenges-of-iso-20022-switch/
Aite-Novarica Group. (2023). Key challenges observed in the migration to ISO 20022 by bank as of the 3rd quarter of 2022. Statista. Statista Inc.. Accessed: November 09, 2024. https://www.statista.com/statistics/1387114/perceived-challenges-of-iso-20022-switch/
Aite-Novarica Group. "Key Challenges Observed in The Migration to Iso 20022 by Bank as of The 3rd Quarter of 2022." Statista, Statista Inc., 27 Feb 2023, https://www.statista.com/statistics/1387114/perceived-challenges-of-iso-20022-switch/
Aite-Novarica Group, Key challenges observed in the migration to ISO 20022 by bank as of the 3rd quarter of 2022 Statista, https://www.statista.com/statistics/1387114/perceived-challenges-of-iso-20022-switch/ (last visited November 09, 2024)
Key challenges observed in the migration to ISO 20022 by bank as of the 3rd quarter of 2022 [Graph], Aite-Novarica Group, February 27, 2023. [Online]. Available: https://www.statista.com/statistics/1387114/perceived-challenges-of-iso-20022-switch/
