Building an agile strategy for future changes

ISO 20022 requires organisations to incorporate several new data points into payment messages.

The timeline for implementing these new data requirements varies depending on the jurisdiction and the data point in question, but the general target for completion is November 2025.

That might seem like some time away but there is a lot of work to carry out during this period, and preparation is key!

The four main new data requirements are:

• the legal entity identifier (LEI)
• the purpose of payment code (POP)
• the structured address
• the unstructured remittance

At AccessPay, our guidance to businesses is to avoid approaching these updates piecemeal. It can be tempting to stagger the implementations for each new data point, for instance, by deploying POP for November 2024 and leaving the others until 2025.

But tackling all updates simultaneously streamlines the process. It means that all the system changes are considered together.

It also builds in ample time for thorough testing and adjustments, ensuring you’re ready to roll well before the November 2025 deadline.

In my next ISO 20022 commentary, I’ll be writing about POPs and LEIs in more detail and how their use will help to improve financial transparency and combat financial crime.