Payments Canada examines its operations and the ROI of ISO 20022 adoption
For the fourth installment in our case study series, we decided to examine our own processes and how adoption of ISO 20022 - the global payments messaging standard - will help our organization save time and costs and optimize our vendor and customer experience. Further, the study details the benefits we would see in adopting ISO 20022 with other system, process and operational improvements rather than considering them independently.
Though the focus is on ISO 20022, real-time payments use cases are contemplated and the impact of implementation of Automated Funds Transfer (AFT) enhancements to our operational areas is also evaluated.
Some of the topics covered in the case study include:
- How we are continuing to modernize our payments processes to prepare to take full advantage of ISO 20022 capabilities
- How related system and process improvements offer an opportunity to align with and reveal other system upgrades to improve productivity, efficiency, timeliness and accuracy
- How accepting richer payments and straight-through processing would present new opportunities to use proprietary data for analytical and auditing process purposes, including more effective vendor analysis, exception reporting, treasury monitoring and control processes
For more on the benefits of payments Modernization and, in particular, ISO 20022 to Canadian businesses, governments and other organizations, read our entire case study series.
Payments Modernization and ISO 20022
To learn more about Payments Canada’s Modernization initiative, visit Modernization.
ISO 20022 is the foundation for payment messaging across all modernized payments systems. The transition to ISO 20022 will support interoperability with global payment ecosystems, and will also enable new opportunities for financial products and services, and bring new levels of efficiency to the Canadian economy. Financial Institutions looking for resources or services to support their adoption of the standard should visit the Payments Canada ISO 20022 Resource Centre.
Want to share your experience?
If you would like to share your organization’s ISO 20022 journey, we want to hear from you: modernization@payments.ca
