Operations Unpacked: Andrew Muir on ISO20022 and the Digital Revolution
Episode 11 of Operations Unpacked tackles ISO20022 from the ISO - International Organization for Standardization!🎙️
To guide us through the key components, value proposition, and unintended (but positive!) consequences of ISO20022, Alan Burr and I were fortunate to be joined by Financial Transactions expert, Andrew Muir.
In under an hour, we covered:
🤔 Why ISO20022 was invented, when, by who (Frank Van Dam!), and how it was originally called UNIFI – a much catchier name in my opinion!
🏗️ The key components of ISO20022, including the messaging scheme, message library, and data models that underlay these
🏢 Which types of firms are subject to the ISO20022 standards, including those who sit outside of the world of finance
💸 The value proposition of ISO20022: while there are no minimum thresholds for firm size or transaction size, it does favour larger institutions
👮 How ISO20022 helps the international industry fight financial crime through the provision of structured data, which allows identification of false positives
🥇 What gives ISO20022 the edge over alternatives such as SWIFT MT and ISO14022 through its provision of universal data definitions
🦾 Great examples of how Northern Trust and Deutsche Bank have utilised ISO20022 to gain competitive advantage
My biggest takeaway was how ISO20022 is a genuinely open standard – if someone has a good idea, their change can be presented, and if approved, will appear in the next version. For this reason, it’s likely that anybody doing a financial transaction will one day use ISO20022, if they aren’t already.
Have you checked out the message library on the ISO20022.org website? Now’s your chance to get involved!
Huge thanks again to Andrew Muir for sharing his expertise with us!
🎧 Listen now: this podcast is available on Apple, Amazon, Spotify, and CISI.TV. You'll find the links in the comments.
🚀 We’ve got a whole host of brilliant episodes in the pipeline including a Day in the Life, the role of Company Secretaries, and how to become a Non-Executive Director.
❓Do you have any operational topics you'd like us to unpack? Send me a DM...
✨Creator credits✨
Presenters: Victoria Sena and Alan Burr
Editor: Ollie Murphy
Platform: The Chartered Institute for Securities & Investment (The CISI)
🎧 Listen now: