London, 21 June 2018 – First published in 2004, ISO 20022 has emerged to enable a single common language for global financial communications. But ISO 20022 messaging standards for the cards domain have only been developed recently. Though the business case for adoption of these new standards is unclear, could the new standards offer an opportunity to harmonize cards processing across borders?
Based on interviews with 23 banks, merchants, payment networks, and industry experts in Europe and North America, this report overviews the ISO 20022 standardization methodology and process, analyzes the drivers for market adoption in the payments and cards domain, and offers market participants guidance on if and when migration to the new standards should be prioritized.
This 21-page Impact Note contains six figures and three tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions American Express, JCB, Mastercard, nexo standards, SWIFT, and Visa.