The path to compliance

At EBAday 2024, Paul Thomalla, Non Executive Director of Unifits, talks about ISO 20022 and the decades-long path to introduction and implementation. The payments sector is a complex world and with the introduction of ISO 20022 and other regulations there is an inevitable tsunami of changes constantly hitting banks. Therefore, being and staying compliant is not an easy task. To address these issues, ISO 20022 must be viewed as a business-oriented tool, and testing should be performed by people who understand how technology processes should work and the business nuances of what is spelled out in the rules. But while testing is of course important, it is crucial to remain compliant and always future-ready.