Standard Chartered rallies industry to adopt ISO 20022 for efficient, safe and frictionless cross-border transactions

Bank publishes whitepaper that offers a blueprint to frictionless reconciliation and allocation of cash

Singapore – Standard Chartered today announced the launch of its whitepaper titled ‘Frictionless reconciliation and allocation of cash: Can the adoption of ISO 20022 XML turn this dream into reality?’. Developed in partnership with Zanders, the whitepaper offers in-depth perspectives and seeks to rally the industry, while supporting corporates and financial institutions in navigating the adoption of ISO 20022.

The whitepaper focuses particularly on the potential of ISO 20022 XML, a messaging format that is specific to reducing friction in account receivable reconciliation and cash allocation processes. It also explores how ISO 20022 XML can address inefficiencies and complexities that corporates and financial institutions face when making cross-border transactions.

ISO 20022 has the potential to address many of the longstanding challenges in these processes and deliver benefits across the entire ecosystem. The standard supports the inclusion of richer and more structured data, which translates to greater visibility of the payment details and enhances the potential for further automation and speed of payment settlements. This reduces the need for banks to manually intervene in the process, making near real-time, cross border wholesale payments a reality.

Structured data is the backbone for predictive and prescriptive analytics, providing treasurers insights into cash flow trends, liquidity management, and risk mitigation, thus offering corporates a competitive advantage. The whitepaper further looks at how high-quality organised datasets allow technologies such as artificial intelligence and machine learning to thrive, identify patterns, predict future outcomes, and recommend actionable strategies – all of which will help corporates be more resilient, agile and prepared in adapting to future trends and challenges.

In addition to highlighting the benefits and opportunities that ISO 20022 XML brings, the whitepaper also features insights from senior decision makers, and highlights the critical areas that need to be considered as they develop treasury and banking technology strategies.

“ISO 20022 provides a data-rich foundation that reduces payments friction and enhances the interoperability of systems for seamless cross-border transactions,” said Mahesh Kini, Global Head of Cash Management, Standard Chartered. “The migration to ISO 20022 is critical for us at Standard Chartered as it creates an innovation ecosystem that enables us to swiftly respond to our clients’ rapidly expectations and behaviours. As we continue to make steady progress with our migration to ISO 20022, we are pleased to present this whitepaper which offers insights on the potential to address the challenges that corporates and banks are facing in relation to account receivable reconciliation and cash allocation.”

For further information, please visit Standard Chartered’s page on ISO 20022 at https://www.sc.com/en/corporate-investment-banking/iso-20022/#isopaper.

For further information please contact:

Josephine Wong
Group Media Relations
Standard Chartered