Volante Technologies, the global leader in cloud payments modernization has deepened its existing partnership with KPMG LLP by developing a new ISO 20022 maturity model to help payment service providers determine ISO adoption readiness.
Within the next four years, it is expected that ISO 20022 will comprise 90% of transaction volumes worldwide and 80% of high-value payments by volume. As the payments language of the future, the messaging standard promises to solve long-standing cross-network interoperability issues that have caused delays and inefficiencies in the processing of domestic and international payments.To take advantage of ISO 20022 however, banks and financial institutions must migrate their systems and processes.
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In 2022, KPMG and Volante announced their alliance, offering institutions thorough ISO 20022 and real-time payments diagnostics. This jointly created maturity model strengthens this alliance, delivering a survey that determines bank readiness to process ISO 20022-based messages and meet the industry mandate.
After completing the survey, participants receive a personalized report identifying where they sit in the ISO adoption journey. The report includes custom guidance on how to reach the next level of maturity and provides the option for individual consultation with Volante and KPMG to review the insights gathered from the survey.
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Courtney Trimble, Principal and Global Head of Payments, KPMG, commented, “ISO 20022 is a watershed moment and represents the biggest overarching change that we have seen in payments. Organizational-wide impact will be felt across a financial institution‘s payments ecosystem which must be addressed to move to the new standard before the industry mandate. With the Volante and KPMG Maturity Model, firms can assess the readiness of their payments ecosystem against the new ISO 20022 standard, including their payments platforms, interfacing system, and integration layers. We are delighted to build on our alliance with Volante to provide services that assist banks with their ISO 20022 journey.”
Jim Chow, VP Partnerships & Business Development, Volante Technologies added, “Together with KPMG, Volante is offering ISO 20022 benchmarking and custom guidance, enabling banks to deal with this seismic change affecting every area of the payments ecosystem. Up to 30-40% of additional contextual data will move with transactions as a part of the new messaging standard, translating into monetization opportunities for banks. This maturity model helps financial institutions as they seek to adopt the new format and make the most of the additional data in the ISO 20022 message structure.”
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