COMPLIANCE AND IMPLEMENTATION OF ISO 20022
1.0 COURSE OVERVIEW
The Africa Institute for Capacity Development course aims to provide participants with an understanding ISO 20022 compliance and implementation, and swift upgrade and the adoption of ISO 20022 For Cross-Border Payments and Reporting.
ISO 20022 is an international ISO standard that provides a unified language for financial transactions. The ISO 20022 standard covers payments, securities transactions, and trade finance. It also applies to messaging between banks and other financial institutions, businesses, and consumers in over 100 countries. ISO 20022 supports the exchange of money in an efficient, secure, and cost-effective way across different systems.
1.1 What Are the Benefits of ISO 20022?
ISO 20022 helps reduce costs for financial institutions and businesses, while improving efficiency and security. It does this by providing a consistent format that can be read by all participants in the transaction process, allowing for simpler and more efficient communication between them. With this standardized communication system, ISO 20022 is also used to streamline settlement processes such as money transfers, investment transactions, and payments of invoices.
The adoption of this standard is a step towards the use of a single, unified payments language and global interoperability with financial exchanges. In very specific terms, ISO 20022 enables the inclusion and transfer of rich data across all financial operators handling a transaction. This may be included unstructured or structured reference data of up to 140 characters.
The standardized structure and specificity of a universal payments language should also improve data quality, lowering the need for manual intervention and enhancing decision-making. With the use of consistent, reusable language and message elements, international payments can be more simply handled by multiple banks and within different countries.
The payments world is sprinting to comply with the ISO 20022 messaging standards. Beyond the compliance lies the transformational value that could be derived by utilizing the rich message format.
The payments world has gone through major transformations in the past decade, especially driven by the advent of digital technologies.
However, there are several obstacles to overcome, such as the high cost of cross-border payments, lack of interoperability among payment networks, legacy applications, and technology components. Some industry developments could solve these issues and radically change how we handle payments.
We are in the midst of one such transformation – ISO 20022 messaging standards. This is finally taking shape due to the guidelines defined by the major networks for a universal standard and their commitments to implement timelines.
1.2 What Lies Ahead?
ISO 20022 will become the key enabler for innovation across the payments industry. It offers a good opportunity to overcome legacy issues.
ISO 20022 migration appears as a compliance burden right now for banks, but it will significantly transform the industry for the better. The greatest advantage would be seen by institutions quickly adopting the standards that come up with new solutions to improve their internal processes and the way they do business with external entities.
There is also a huge space for payments fintech companies to create overlay services that enrich the ISO 20022-driven payments ecosystem, and help banks in their migration journey by enhancing the feature sets of their payments hub or payment-as-a-service solutions to accept new message types.
1.3 Which Domains Could Be Impacted Next? Could Securities Be The New Frontier For Iso 20022?
Although SWIFT supports ISO 20022 for Securities messages, it leaves the choice of implementation to network participants rather than mandating usage.
However, with the implementation of T2/T2S Consolidation, a case for Securities is likely to gain impetus. A common, universal standard could help improve the efficiency of the intertwined business processes in the Securities domain. While we have been witnessing several programmes in migrating from ISO 15022 or MT formats to ISO 20022, the same is not observed in the retail cards space where the card networks, such as Visa and Mastercard, mainly follow the ISO 8583 standards.
2.0 COURSE OBJECTIVE
The course aims at:
- To provide participants with an understanding ISO 20022 compliance and implementation, and swift upgrade and
- The Adoption of ISO 20022 for Cross-Border Payments and Reporting.
3.0 TARGET GROUP
The course is suitable for officers from central banks dealing with payment clearing and settlement issues, Officers from Banking Department and Financial Markets
4.0 COURSE CONTENT
The following are the key topics to be covered during the course:
Module 1: Introduction to ISO 20022 and MX,
Module 2: ISO 20022 Adoption for Cross-border Payments and Reporting Plus (CBPR+)
Module 3: SWIFT operations
Module 4: New Dive into Cross-border Payments and Reporting Plus (CBPR+) message flows.
Module 5: Cross-border Payments and Reporting Plus on SWIFT network
Module 6: PAC 003 and PAC 008
Module 7: MT/MX translation information
By the successful completion of your course, you will get a hard copy certificate. Our courses are fully with updated industry knowledge and skills that aim at making you an expert in the field. The hard copy of the certificate is also available and can be sent to your address.
6.0 COURSE METHODOLOGY
The course uses a mix of interactive techniques, such as brief presentations by the consultant, group exercises case studies and using Microsoft office tool to apply knowledge acquired throughout the course followed by participants’ presentations of the results.
7.0 COURSE STRUCTURE
The course duration is 5 full days.
- The course is presented in the form of a power point presentation
- The course includes a Q &A session and some evaluation quizzes
For more information, please contact:
PIERRE DUPLIS BRENNER
The Admission Director
AFRICA INSTITUTE FOR CAPACITY DEVELOPMENT (AICD)
21 Detroit Plaza |Pretoria Road|Kempton Park|
Gauteng. SOUTH AFRICA
Telephone : +27 733797377
Whatsapp Number : +27 733797377
TRAINING| SHORT COURSES| CONSULTANCY| RESEARCH| RECRUITMENT| MANAGEMENT CONSULTING
IN PARTNERSHIP WITH:
SADC Institute of Commerce and Industrial Practice
Gauteng. SOUTH AFRICA