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Innovating operational resilience with financial messaging standards

Author

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  • Kwok, Jeremy

    (Calastone, Birchin Court, UK)

Abstract

The unforeseen crisis that was brought on by COVID-19 in 2020 has caused numerous disruptions to the industry. The key to remaining operationally resilient is to adapt. This paper explores the opportunity and benefits from the upcoming Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment message migration to ISO 20022. This paper recommends that the industry should proactively embrace new financial messaging standards. This effort should be championed as an investment to future-proof shocks with operations and regulatory risk. This is not just another ‘IT project’ but rather a globally coordinated effort where major central banks are leading the effort. In the end, the paper also advocates best practice on adopting the latest standards from a business analysis perspective.

Suggested Citation

  • Kwok, Jeremy, 2021. "Innovating operational resilience with financial messaging standards," Journal of Securities Operations & Custody, Henry Stewart Publications, vol. 13(3), pages 237-242, June.
    • Handle: RePEc:aza:jsoc00:y:2021:v:13:i:3:p:237-242
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    More about this item

    Keywords

    operational resilience; financial messaging standards; SWIFT ISO 20022 migration;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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