Volante Technologies, a company specialising in cloud payments modernisation, has expanded its existing collaboration with KPMG LLP. The two have developed a new ISO 20022 maturity model designed to assist payment service providers in assessing their readiness for ISO adoption. It is projected that within the next four years, ISO 20022 will account for 90% of global transaction volumes and 80% of high-value payments by volume.
The messaging standard, seen as the future language of payments, aims to address persistent cross-network interoperability issues that have led to delays and inefficiencies in the handling of domestic and international payments. However, to leverage ISO 20022, banks and financial institutions will need to adapt their systems and processes.
In 2022, KPMG and Volante announced their partnership, providing institutions with comprehensive ISO 20022 and real-time payments diagnostics. This newly developed maturity model reinforces this partnership, offering a survey that evaluates a bank’s readiness to process ISO 20022-based messages and comply with industry requirements.
Upon completion of the survey, participants are given a personalised report that outlines their position in the ISO adoption process. The report offers tailored advice on how to advance to the next level of maturity and includes the option for individual consultation with Volante and KPMG to discuss the insights derived from the survey.
Courtney Trimble, Principal and Global Head of Payments, KPMG, said, “ISO 20022 is a watershed moment and represents the biggest overarching change that we have seen in payments. Organisational 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 monetisation 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.”