Decoding BNP Paribas' ISO 20022 Migration | After Hours
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ISO 20022 is more than a new messaging standard for financial institutions; it represents a seismic change for the industry, involving 200 initiatives worldwide in over 70 countries.
Banks participating in the settlement networks have a massive workload on their shoulders.
A year into the transition, we ask: How has one of Europe's biggest banks been getting on?
In this episode of After Hours, Kjeld is joined by Wim Grosemans, Global Head of Product Management in Payments and Receivables at BNP Paribas.
Wim explains the benefits to structured ISO payments, how many corporates are banging on their door asking for rich ISO data, and whether CBPR+ messages will make investigations more efficient.
Listen below to hear how BNP Paribas is handling the transition to ISO 20022.
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3:30 - The Importance of Rich Data in ISO Payments and Its Future Potential
4:00 - The Role of Structured Data in Improving Payment Processes
4:30 - The Impact of ISO on Sanctions Filtering and Payment Efficiency
5:00 - The Potential of Rich Data for Corporate Use Cases
5:30 - The Importance of Starting Small to Realize the Benefits of Rich Data
6:00 - The Promise of Structured Remittance Data and Its Challenges
6:30 - The Role of ERP Software Providers in Enhancing Payment Processes
7:00 - The Need for a Collective Effort to Utilize Rich Data in Payments
7:30 - Exploring B2B Payments as a Prime Candidate for ISO 2022 Benefits
8:00 - The Integration of Electronic Invoices with ISO Payments
8:30 - The Potential of Request for Payment in Streamlining Receivables
9:00 - Addressing Exceptions and Investigations with CBPR+ Messages
9:30 - The Importance of Transparency and Efficiency in Payment Processing
10:00 - Closing Remarks and Invitation for ISO Use Case Discussions
10:30 - Outro and Podcast Closure