Sibos 2026: 'ISO 20022 is the Sagrada Familia of the financial industry'

Financial institutions are currently navigating a massive overhaul of how data moves behind the scenes of every transaction, known as the ISO 20022 migration. While this sounds like back-office banking talk, it directly impacts your business's ability to offer seamless, data-rich financing options to your customers. The industry recently decided to delay the removal of 'unstructured addresses' in payment messaging. This means banks aren't yet ready to fully automate the way they verify who is sending and receiving money, opting for a slower transition to avoid breaking global payment flows. For retailers and operators, this transition is the foundation for the next generation of consumer lending. Once fully implemented, these standards will allow for faster approvals, better fraud detection, and more transparent tracking of financing disbursements. However, the current delay signals that the 'instant' global payment ecosystem we’ve been promised is still a work in progress. It highlights a tension between the need for high-quality data and the reality of legacy banking systems that are struggling to keep up with modern technology demands.

Source: Finextra

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