Ready for the ISO 20022 cross-border payments transition?

The new ISO 20022 global payments standard will change the way banks send cross-border payment instructions. It’s clear that banks and vendors have different degrees of readiness for its arrival. Some banks are already quite advanced in their preparations. Others remain behind the curve. At the same time, banks must also prepare to switch to using ISO 20022 clearing messages for specific clearing houses, like Europe’s Target2 which is due to come into effect in November 2022, and Singapore’s ME
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